West Marine Successfully Completes Chapter 11 Restructuring

Portage Point Partners served as investment banker to West Marine, LLC (West Marine or the Company), the nation’s leading omni-channel provider of marine aftermarket products, in connection with the successful completion of the Company’s financial restructuring and emergence from Chapter 11. West Marine emerged with a substantially delevered capital structure, having reduced debt by more than $265 million and obtained an additional $10 million in exit financing to support the business in its next phase.

Founded in 1968, West Marine grew from a small rope business in California into the nation’s premier retailer of marine parts, accessories and safety gear. Following a period of persistent headwinds that placed pressure on operations and the capital structure, the Company commenced voluntary Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware with the support of a substantial majority of its key financial stakeholders, having executed a Restructuring Support Agreement (RSA) prior to filing.

Throughout the process, West Marine preserved operational continuity, maintained its relationships with customers, vendors and partners and marketed its assets while advancing a consensual restructuring on an accelerated timeline. The Company exited Chapter 11 with increased flexibility to invest in the products, services, expertise and customer experience that have made it a trusted partner to boaters, anglers, sailors and marine professionals for nearly six decades. West Marine will continue serving the boating community through approximately 100 retail locations, its online platform and the West Marine Pro business.

The successful outcome underscores the depth of the Portage Point Investment Banking team’s expertise in complex restructurings and reflects the ability of the team to deliver results in high-stakes, time-sensitive situations.

Learn more about the Portage Point Investment Banking team’s capabilities.