Blue Sage Capital has closed its sale of Marine Accessories Corporation (MAC) to Patrick Industries. Blue Sage acquired MAC in July 2015.
Marine Accessories Corporation is a manufacturer, distributor and aftermarket supplier of cockpit covers, bimini tops, and boat covers that are sold to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market.
Company-owned brands include Xtreme Tower Products (XTP), Z5 Sport Racks, Monster Tower, TurboSwing, Fishmaster, Great Lakes Boat Top and Westland Industries. MAC’s trailing 12-months revenue through May 2018 was approximately $50 million. The company, led by CEO Rick Reyenger, is headquartered near Knoxville in Maryville, TN (www.marine-accessories.com).
During Blue Sage’s term of ownership the company completed multiple add-on acquisitions including the May 2016 buy of Marine Accessories BV which included the patented TurboSwing towing system for outboard boats that facilitates water skiing, wakeboarding and other towed watersports; and in January 2017 it acquired Fishmaster, a maker of patented folding aftermarket T-Tops for boats to accommodate low bridge clearance and storage.
“We were honored and privileged to partner with MAC’s proven and motivated leadership team to accelerate the business’s growth trajectory in a rebounding market,” said Blue Sage Co-Founder, Jim McBride. “MAC is now a larger and stronger organization, and we are excited to follow the next stage of the company’s evolution under Patrick Industries’ leadership. In addition, our investment in MAC produced solid returns for Blue Sage’s investors.”
Blue Sage specializes in growth, recapitalization and buyout financings of smaller middle-market companies. Most of Blue Sage’s investments are in established, profitable companies with $20 million to $100 million of revenue and $3 million to $12 million of EBITDA. Blue Sage invests in a variety of industries, with each initial investment in a company ranging from $10 million to $20 million. The firm is based in Austin, TX (www.bluesage.com).
Patrick Industries (NASDAQ: PATK) is a manufacturer of component products and a distributor of building products serving the recreational vehicle, manufactured housing, marine (including boat covers, towers and tops), kitchen cabinet, office and household furniture, and fixtures and commercial furnishings. The company is headquartered in Elkhart, IN and has over 110 manufacturing and distribution facilities located throughout the United States, China and The Netherlands (www.patrickind.com).
Raymond James & Associates was the financial advisor to MAC and Blue Sage on this transaction.
© 2018 Private Equity Professional | June 12, 2018
