T-H Marine acquires First Source

T-H Marine Supplies in Huntsville, Ala., said it acquired First Source, the marine accessory division of Maurice Sporting Goods. Terms were not disclosed.

A statement said First Source will operate as a standalone division of T-H Marine in Fort Myers, Fla.

“We’re thrilled to complete our largest revenue acquisition to date,” said T-H Marine CEO Jeff Huntley in the statement. “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.”

First Source was founded in 2004. It helps design, manufacture, package, test and supply companies with marine and paddle-sports products, the statement said.

Co-founder Read Samples will remain with the company. “T-H will allow our team to expand into more product categories, becoming more meaningful to our customers, including more OEM product opportunities,” Samples said in the statement.

T-H Marine has been a First Source customer for many years, along with other manufacturers, distributors and major retailers.

“This is our first acquisition this year, but it is our eighth acquisition in the past decade,” Huntley said. “We will continue working on more acquisitions and more organic product development to continue growing our stable of brands and our breadth of awesome products.”

Huntley said the company has experienced 20 percent compounded organic growth during the last 10 years.

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