OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”)
announced today that its subsidiary, T-H Marine, has acquired
YakGear, Inc. (“YakGear”), an industry-leading supplier of kayak
equipment, paddle sports accessories, and boat mounting accessories
based in Houston, Texas.
“Since 2006, YakGear Founder and President Bill
Bragman and his team have done a remarkable job providing
accessories to kayak, canoe, and stand up paddle board enthusiasts,
earning YakGear’s reputation as a household name among their
audience,” said Jeff Huntley Sr., Chief Executive Officer for T-H
Marine. “We're thrilled to add the YakGear team, including Jerron
Wosel, YakGear’s Director of Procurement and now President of the
YakGear division, to T-H Marine, along with their expansive
portfolio of paddle sport products. YakGear’s strong multi-channel
approach to the aftermarket complements our platform and provides
exposure to an entirely new set of paddle sports retailers and
consumers, giving T-H Marine a stronger foothold in the space.”
Along with its extensive line of marine
accessories, YakGear has exclusive distribution agreements to
provide Railblaza® products in the United States and agreements for
other countries abroad. YakGear will continue to operate as a
standalone division of T-H Marine at its current facility in
Houston, Texas.
“The OneWater family looks forward to welcoming
the YakGear team as we continue to diversify our suite of
aftermarket marine products. YakGear is T-H Marine’s second
acquisition of 2022, underscoring the ability of T-H Marine’s
acquisition engine to add horsepower to OneWater’s business model,
aftermarket diversification, and growth strategy. Between T-H
Marine’s leading omni-channel presence in the marine industry and
YakGear’s position in the world of kayaking and paddle sports, we
believe the combined forces are poised for further success.” 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 75 retail locations, 9 distribution
centers/warehouses and multiple online marketplaces in 16 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.
About T-H Marine
T-H Marine, a subsidiary of OneWater Marine, has
grown to be one of the largest suppliers of marine parts and
accessories in the United States. T-H Marine is based in
Huntsville, Alabama, where it provides various products including
jack plates, outboard tilt and trim controls, rigging components,
boat plumbing, hatches, LED lights, livewell aeration, and more.
The line-up also includes an expanding selection of products that
are part of T-H Marine’s BOATING ESSENTIALS® collection: a one stop
shop for a multitude of widely used marine parts and
accessories.
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, 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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