West Marine Inc. is going private.

The retailer of boating gear, apparel and other waterlife-related products has agreed to be acquired by New York-based Monomoy Capital Partners for $12.97 per share. The deal has a total equity value of $338 million. Following the close of the deal, West Marine will continue to be operated independently by the company’s management team.

“We are excited to be joining forces with Monomoy Capital Partners as we believe it is in…