An affiliate of private equity fund Monomoy Capital Partners has agreed to acquire omnichannel speciality retailer West Marine in a $338m deal.

West Marine offers boating gear, apparel, footwear and other waterlife-related products.

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West Marine president and CEO Matt Hyde said: “In addition to providing our stockholders with a significant premium to the current share price, this transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”

Upon closure of the transaction, West Marine will go private and continue to be operated independently by its management team.

"This transaction ensures that West Marine can continue to offer outstanding value to our customers who recreate on the water and provide a rewarding workplace for our associates.”

Monomoy Capital Partners co-CEO Daniel Collin said: “We strongly support West Marine’s vision for the future, strategic initiatives and culture.”

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West Marine noted that the deal has been approved by its board of directors.

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The completion of the transaction is subject to West Marine’s stockholder approval and other customary closing conditions, and is scheduled in the third quarter of this year.

West Marine received financial adviser services from Guggenheim Securities, while it secured legal advice from Sidley Austin.

The company has more than 260 stores located in 38 states in the US and Puerto Rico.