OneWater Marine Inc. Completes the Acquisition of Ocean Bio-Chem
August 09 2022 - 10:04AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
announced today that it has completed the previously announced
acquisition of Ocean Bio-Chem, Inc. (NASDAQ: OCBI) (“OBCI”), a
leading supplier and distributor of appearance, cleaning, and
maintenance products for the marine industry and the automotive,
powersports, recreational vehicles, and outdoor power equipment
markets. As a vertically integrated supplier, OBCI manufactures,
markets, and distributes a broad portfolio of products under the
Star brite®, Star Tron®, Odor Star® and other brand names.
“The addition of OBCI meaningfully advances
OneWater’s strategic growth and diversification strategy in the
marine parts and accessories business. Utilizing our best-in-class
integration playbook, we expect to capitalize on the numerous
opportunities to expand market share and drive further margin
expansion,” said Austin Singleton, Chief Executive Officer for
OneWater.
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and fastest-growing
premium marine retailers in the United States. OneWater operates a
total of 96 retail locations, 10 distribution centers/warehouses
and multiple online marketplaces in 20 different states, several of
which are in the top twenty states for marine retail expenditures.
OneWater offers a broad range of products and services and has
diversified revenue streams, which include the sale of new and
pre-owned boats, finance and insurance products, parts and
accessories, maintenance, repair and other services.
Investor or Media Contact:Jack
EzzellChief Financial OfficerIR@OneWaterMarine.com
Cautionary Statement Concerning
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including regarding our strategy, future
operations, financial position, prospects, plans and objectives of
management, growth rate and its expectations regarding future
revenue, operating income or loss or earnings or loss per share. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “will be,” “will
likely result,” “should,” “expects,” “plans,” “anticipates,”
“could,” “would,” “foresees,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
“outlook” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. These forward-looking statements are
not guarantees of future performance, but are based on management's
current expectations, assumptions and beliefs concerning future
developments and their potential effect on us, which are inherently
subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Our expectations expressed or implied in
these forward-looking statements may not turn out to be
correct.
Important factors, some of which are beyond our
control, that could cause actual results to differ materially from
our historical results or those expressed or implied by these
forward-looking statements include the following: effects of
industry wide supply chain challenges and our ability to maintain
adequate inventory, changes in demand for our products and
services, the seasonality and volatility of the boat industry, our
acquisition and business strategies, the inability to comply with
the financial and other covenants and metrics in our credit
facilities, cash flow and access to capital, effects of the
COVID-19 pandemic and related governmental actions or restrictions
on the Company’s business, risks related to the ability to realize
the anticipated benefits of any proposed or recent acquisitions
within the anticipated timeframe or at all, including the risk that
proposed or recent acquisitions will not be integrated
successfully, the timing of development expenditures, and other
risks. More information on these risks and other potential factors
that could affect our financial results is included in our filings
with the Securities and Exchange Commission, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections of our Annual Report
on Form 10-K for the fiscal year ended September 30, 2021 and in
our subsequently filed Quarterly Reports on Form 10-Q, each of
which is on file with the SEC and available from OneWater Marine’s
website at www.onewatermarine.com under the “Investors” tab, and in
other documents OneWater Marine files with the SEC. Any
forward-looking statement speaks only as of the date as of which
such statement is made, and, except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether because of new information,
future events, or otherwise.
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