OneWater Marine Reaches Agreement to Acquire Norfolk Marine
November 16 2021 - 7:30AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”)
announced today that it has reached an agreement to acquire Norfolk
Marine Inc., which will expand the Company’s presence in the
Mid-Atlantic U.S. and enhance new and pre-owned boat sales,
finance, and parts and services offerings. The transaction is
expected to close in the fourth quarter of calendar 2021.
“The OneWater family welcomes Jason Murphy and
the Norfolk Marine team as we continue to execute on our growth
strategy. This acquisition will add to our growing presence in the
Mid-Atlantic region and will mark our first dealer in Virginia,”
said Austin Singleton, Chief Executive Officer for OneWater. “Jason
and his team have contributed to the rich history of Norfolk
Marine, and we look forward to providing support as they continue
to expand their offerings.”
A third-generation family owned and operated
business, Norfolk Marine is an exclusive authorized dealer for
premier boating brands including Sea Hunt, Grady-White, Regal,
Bennington and Carolina Skiff. Norfolk Marine generated over $20
million in sales over the past twelve months and is a full-service
marine dealer, offering award winning service and repair for a wide
variety of boat brands and models. Among its factory trained
techicians, Norfolk Marine is home to several 5-star Yamaha
technicians and multiple Yamaha Master technicians.
Jason Murphy, Owner of Norfolk Marine, said, “We
are thrilled to be joining the OneWater family, and we could not
have imagined a better fit. For more than 75 years, Norfolk Marine
has proudly served our growing customer base. As we continue to
expand our offerings and solidify our leadership position, we
believe OneWater’s expertise and experience in its own growth and
diversification efforts will be a huge catalyst for further
success.”
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and
fastest-growing premium recreational boat retailers in the United
States. OneWater operates 71 stores throughout 10 different states,
seven 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, parts and accessories, finance and
insurance products, maintenance and repair services and ancillary
services such as boat storage.
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: risks related to
the satisfaction of the conditions to closing the acquisition in
the anticipated timeframe or at all, risks related to the ability
to realize the anticipated benefits of the acquisition, including
the possibility that the expected benefits from the proposed
acquisition will not be realized or will not be realized within the
expected time period, the risk that the businesses will not be
integrated successfully, decline in demand for our products and
services, restrictions on the availability of inventory, 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, 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, 2020 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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