[Alberg30] West Marine

[James Davis]

This should be interesting.  From todays "Soundings 'Trade Only'"'
Jim Davis
S/V Isa Lei
CT 35

            Tuesday, January 14, 2003 . News updates from the recreational marine business
           
      
     
            West Marine acquires BoatU.S. outlets
            West Marine, the nation's biggest boating equipment supplier, has acquired the retail operation of BoatU.S. in a $72 million deal announced this afternoon.

            Under what is being called a "long-term strategic alliance," West Marine takes ownership of all 62 BoatU.S. marine centers and the retail operation's mail order and wholesale components. In addition to the $72 million, West Marine agrees to promote BoatU.S. membership and the organization's consumer services.

            In announcing the deal, BoatU.S. founder and chairman Richard Schwartz said it "will accelerate BoatU.S. membership growth and allow BoatU.S. to concentrate on what we do best - marine insurance."

            West Marine said it will continue to operate its 62 new outlets under the BoatU.S. name.

            Although the deal involves $72 million, BoatU.S. vice president Michael Sciulla said the organization's actual net will be considerably less after taxes, payments to the employee shareholders and the cost of retiring the debt on the retail inventory.

            West Marine CEO John Edmondson applauded the deal, saying his organization "shares BoatU.S.'s commitment to service and representation for boaters."

            The deal gives West Marine, already the biggest boating equipment retailer, a total of 320 stores
           
     

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