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On January 17, 2020, T-H Marine Completed Its Tenth Add-On Acquisition, and First Since Valesco’s Investment
On January 17, 2020, T-H Marine completed its tenth add-on acquisition, and first since Valesco’s investment. First Source, a direct import agent with deep overseas relationships that sources, packages and supplies businesses with marine accessories and private label products, was founded in 2004 and is based in Ft. Meyers, Florida.
As a longtime customer of First Source, T-H Marine has developed a strong rapport with the First Source management team and is excited to bring its design capabilities, procurement resources, products, vendors and logistics management services under the T-H Marine banner. In addition, First Source’s experience and relationships in marine retail will provide further product diversity to T-H Marine’s robust presence for both OEM and aftermarket customers. Since its founding, First Source has become a recognized leader within the industry and is well positioned to continue its successful retail channel growth strategy.
“We’re thrilled to complete our largest acquisition to date,” said T-H Marine CEO, Jeff Huntley. “Our new First Source division will allow T-H Marine to expand into new product categories and continue to grow our product portfolio that we offer to both our OEM and aftermarket customer bases. The First Source expertise also greatly strengthens our capabilities in the aftermarket retail and e-commerce channels. We have built a strong platform for the past 45 years that is rooted in deep relationships with our customers, who depend on us for quality boating and fishing accessories. We look for great acquisitions, like First Source, that can help us bring more value to our B2B customers and continue to provide more awesome products to the boating and fishing enthusiasts that love our brands.”
Valesco continues to seek investment opportunities to provide equity and subordinated debt for control buyout, recapitalization, minority, management buyout and mezzanine situations from Valesco Fund II. The First Source add-on is a great example of relationship, partnership and trust to create the best outcome for all parties. The company is poised for continued success and we could not be more excited about adding First Source to the T-H Marine family.
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