First Eagle Alternative Credit Funds $30 Million FILO Term Loan to West Marine

BOSTON – [April 11], 2023 – First Eagle Alternative Credit (“FEAC” or the “company”), a $21 billion alternative credit platform of First Eagle Investments, today announced that it has agented a $30 million FILO term loan to West Marine, an omnichannel provider of aftermarket products and services to the boating, fishing, sailing, and watersports markets in the US, to support the company’s execution of their business strategy.

Founded in 1968 and based in Fort Lauderdale, FL, West Marine has 236 retail locations across 38 states and Puerto Rico with close proximity to over 3,900 marinas. West Marine provides customers access to supplies and accessories, service parts, electronics, fishing and recreation and apparel/accessories.

“We are excited to partner with the West Marine management team and provide them with the financing needed to complete this recapitalization,” said Larry Klaff, Senior Managing Director and Head of Asset Based Loans at First Eagle Alternative Credit. “The company’s integrated cross-channel platform positions it to capitalize on both organic and inorganic growth initiatives in the coming years, and we look forward to being a part of its continued success.”

“First Eagle Alternative Credit worked diligently to find a creative and flexible financing structure allowing for additional liquidity,” said Chuck Rubin, Chief Executive Officer of West Marine. “We look forward to advancing our growth trajectory alongside them in the years to come.”

About First Eagle Alternative Credit, LLC

First Eagle Alternative Credit is an alternative credit manager for both direct lending and broadly syndicated investments with approximately $21 billion in assets under management as of December 31, 2022. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms and is a wholly owned subsidiary of First Eagle Investments. For more information on First Eagle Alternative Credit, please visit www.feac.com.

About West Marine

For more than 50 years, West Marine has been the premier retailer of boating, fishing, sailing and paddling gear. With 236 stores located in 38 states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers, West Marine is recognized as a leading resource for cruisers, sailors, anglers, yachters and other boating enthusiasts. West Marine crew members share the same love for the water as their customers and provide knowledgeable advice on the gear and gadgets they need to be safe and have fun. West Marine allows customers to spend less time worrying about their boat and more time enjoying their boat. To learn more about West Marine, please visit the West Marine website at www.westmarine.com.

Media Contacts

Pholida Barclay
First Eagle Investments
212-698-3208
pholida.barclay@firsteagle.com

Leigh Crosby
First Eagle Alternative Credit
617-790-6060
leigh.crosby@firsteagle.com