PHOTO COURTESY WEST MARINE West Marine has entered a $150 million credit facility from lender Eclipse Business Capital. The transaction extends the maturity date of a previous funding arrangement between the two and provides a reduced interest expense.
“We appreciate Eclipse’s commitment to West Marine and the confidence of L Catterton and our investment partners in our ability to deliver on our strategic plan,” West Marine chief executive officer Chuck Rubin said in a statement. “Our strengthened balance sheet, along with our stakeholder’s commitment and belief in our brand, supports our focus and dedication to building a platform for growth.”
West Marine has 232 stores in 38 states and Puerto Rico and serves retail and professional customers online.
“West Marine will continue to foster its long-term relationships with vendors, streamline its operations for optimal performance, and enhance its service to customers through the ability to buy products online at westmarine.com,” Rubin added.
