Marine Accessories Corporation

Prospect Partners formed Marine Accessories Corporation (MAC) in October 1998 with the acquisition of Westland Industries, Inc., a Tempe, Arizona manufacturer of boat covers and bimini tops. From this initial acquisition, Prospect Partners sought to build MAC into a leading manufacturer of aftermarket and OEM marine accessories through a series of acquisitions of other niche accessory producers.

Pursuing a consolidation strategy enables MAC to leverage the combined synergies of its business units to orchestrate stronger growth. By acquiring companies that make complementary product lines and use similar distribution channels, keeping them intact and teaming with their management through and after the acquisition process, MAC is able to achieve efficiencies across numerous functional areas - including manufacturing and distribution, marketing, and administration. This synergistic approach creates the opportunity for stronger internal growth and, hence, stronger market positions within each MAC unit, culminating in a leading industry position for the overall company. Working with existing management not only provides continuity of day-to-day business operations but also affords the opportunity to make strategic decisions based on the insights of experienced executives who know their businesses.

Since Prospect Partners' initial transaction in 1998, MAC has acquired 7 complementary companies. Add-ons have included: Great Lakes Boat Top Co., Great Lakes Boat Tower, Fentress Marine, Boatswain's Locker, Xtreme Marine, Cook Manufacturing and Monster Tower. MAC's expanded product line includes: boat covers, bimini tops, custom enclosures, wakeboard towers and high quality boating, fishing and boat trailer accessories. In 2000 and 2001, MAC recruited several seasoned executives, each with more than 20 years of experience, to round out the top management team charged with taking the company through the next phase of growth.