Blue Sage Capital has sold Marine Accessories Corporation to Patrick Industries. No financial terms were disclosed. Based in Maryville, Tennessee, MAC is a provider of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors.
June 12, 2018, Austin, TX – Blue Sage Capital announced today that it closed on the sale of Marine Accessories Corporation (“MAC”) to Patrick Industries, Inc. Based in Maryville, Tennessee, MAC is a manufacturer, distributor and aftermarket supplier of custom tower and canvas products and other related accessories to OEMs, dealers, retailers and distributors, as well as direct to consumers within the marine market. Blue Sage made its initial investment in MAC in July 2015, and during its ownership, assisted MAC with multiple tuck-in acquisitions.
Blue Sage Co-Founder, Jim McBride, explained, “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. 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.”
MAC and Blue Sage were represented in the transaction by Raymond James & Associates, Inc. and Queen Saenz + Schutz PLLC.
About Blue Sage
Blue Sage is an Austin, Texas-based private equity firm specializing in growth, recapitalization and buyout financings of small middle market companies. With over fifteen years as a team and over $200 million in assets under management, we have extensive experience transitioning founder-run businesses and seek companies with leadership in their niche. 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 cash flow. Blue Sage invests in a variety of industries, with each initial investment typically ranging from $10 million to $20 million.