Marine Accessories Corporation

FOR IMMEDIATE RELEASE
May 28, 1999
 

 

GREAT LAKES BOAT TOP CO., INC. MERGES WITH MARINE ACCESSORIES CORPORATION

Combined Company Will Pursue Other Marine Industry Acquisitions

VONORE, TN: May 28, 1999. . . . Great Lakes Boat Top Co., Inc., a leading manufacturer of OEM bimini tops, convertible tops and enclosures for pleasure boats, today announced that it has filed to merge with Marine Accessories Corporation, a Phoenix, Arizona-based manufacturer of boat covers and bimini tops. The newly combined entity will continue to pursue acquisitions of other marine accessories manufacturers.

Marine Accessories Corporation was formed in October 1998 by Westland Industries, Inc. and Prospect Partners, LLC, a Chicago-based private equity firm which manages $105 million in equity capital. Gary L. Stockford (49), CEO of Marine Accessories Corporation, founded Westland Industries in 1977. Prior to that he was employed by Great Lakes.

James A. Wilson (41) has become President of Great Lakes and has also become a director and shareholder of Marine Accessories Corporation. William C. Rudberg (37) has become Vice President and Plant Manager of Great Lakes and has also become a shareholder of Marine Accessories Corporation.

"Westland and Great Lakes have enjoyed a long and great relationship," said Stockford. "We are thrilled to be joining forces and I am personally excited to be able to work closely with Jim Wilson and Bill Rudberg."

"This merger provides us with substantial financial resources and a second facility in Phoenix from which to serve our mutual customers," said Wilson. "We are proud of our growth, our people and our long history as a family business. All of us are looking forward to building the business together in the future."

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