|FOR IMMEDIATE RELEASE
September 1, 1999
MARINE ACCESSORIES CORPORATION SUBSIDIARY ACQUIRES TODD BOX MANAGEMENT,
INC. d/b/a PIPE DREAMS
Combined Company Will Pursue Other Marine Industry Acquisitions
LA VERGNE, TN: Todd Box Management, Inc. d/b/a Pipe Dreams, a leading
manufacturer of t-tops, half towers and wakeboard towers, today announced
that it has been acquired by Great Lakes Boat Tower Co., a newly-formed
subsidiary of Marine Accessories Corporation. The combined company
will continue to pursue acquisitions and internal growth opportunities.
Marine Accessories Corporation was formed in October 1998 by Westland
Industries, Inc., a Phoenix-based manufacturer of boat covers and
bimini tops, and Prospect Partners, LLC, a Chicago-based private
equity firm which manages a $105 million fund. In May 1999, Marine
Accessories Corporation acquired Great Lakes Boat Top Co., Inc.
of Vonore, TN, a leading manufacturer of OEM bimini tops, convertible
tops and enclosures for pleasure boats.
D. Todd Box (34) has become President of Great Lakes Boat Tower
Co. Mr. Box joins the Marine Accessories Corporation management
team which includes Gary L. Stockford (50), CEO of Marine Accessories
Corporation and James A. Wilson (41) President of Great Lakes Boat
"I am thrilled to be joining forces with Marine Accessories
Corporation," said Box. "The combination will provide
our company with substantial financial resources to expand the business
and to better serve our customer base."
"This acquisition provides MAC a significant presence in the
aluminum boat tower niche," said Wilson. "I have known
Todd for many years and I am personally very excited to be working
with him to take Great Lakes Boat Tower to the next level."