Maryville, Tennessee-based Marine Accessories Corporation (MAC) has been acquired by Blue Sage Capital, a private equity firm located in Austin, Texas.
Founded in 1998, MAC is the parent company of brands in the wakeboard tower and marine canvas segments, including Xtreme Tower Products (XTP), Monster Tower, Great Lakes Boat Top and Westland Industries. MAC works with numerous OEM and aftermarket customers from around the world.
"Marine Accessories Corporation is a perfect fit in our portfolio of profitable manufacturing companies with unrealized growth potential,' says Blue Sage Co-Founder and Managing Member, Jim McBride. "MAC's demonstrated performance throughout the economic downturn and into the recovery period speaks volumes for its brands and management team.'
McBride said the current executives at MAC would remain in place.
"We are extremely excited about the new opportunities we have with this new ownership,' said Rick Reyenger, MAC's Chief Executive Officer. "Blue Sage Capital's investment will allow MAC to grow organically as well as through additional acquisitions. Our immediate focus will be to escalate innovative new product development and to address underserved markets.'
Blue Sage Capital specializes in growth, recapitalization and buyout financings of smaller, middle market companies. The organization says most of its investments are in companies with US $25 million to US $100 million of revenue and US $5 million to US $10 million of cash flow at the time of investment.