OneWater Marine Reaches Agreement to Acquire Denison Yachting
March 02 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”)
announced today that it has reached an agreement to acquire Denison
Yachting, which will expand the Company’s presence into the
superyacht category and ancillary yacht service offerings, in
addition to yacht brokerage and new boat sales. The transaction is
expected to close in the Company’s fiscal third quarter.
“We are thrilled to welcome Bob Denison and his
team into the OneWater family, which expands and strengthens our
presence in the superyacht and yacht categories,” said Austin
Singleton, Chief Executive Officer for OneWater. “As we move
through the second fiscal quarter, we continue to capitalize on
record demand and a growing backlog. Orders at the Miami Boat show
were off the charts for both OneWater and Denison, which underscore
our combined position as the premier marine retailer of choice from
superyachts and yachts to traditional boat sales, parts and
service. We look forward to enhancing our leadership position in
the market in the coming years.”
Bob Denison, President of Denison Yachting said,
“Strong consumer demand continues to fuel our growth and
strengthens our position as industry leaders throughout the United
States, Europe and the Mediterranean. Denison’s team of experienced
yacht brokers is unparalleled in the world of yachting. Their
commitment to take incredible care of clients will be accelerated
thanks to OneWater’s tools, resources and support. We are excited
to be joining the OneWater family and we look forward to what our
shared future holds.”
With 70+ years of yachting history and
expertise, Denison has proudly served for three generations as a
leader in the yachting industry. Denison generated sales in excess
of $80 million in calendar year 2021 and was ranked #1 in
superyacht worldwide sales based on data provided by Boat
International. Denison is an authorized dealer for a number of
prestigious brands including Bertram, Beneteau Sailing Yachts,
Beneteau Express GT’s, Swift Trawlers, Monte Carlo Yachts,
Numarine, Alpha Marine and Excess Catamarans.
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, 10 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.
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, loss per share or
earnings before interest, taxes, depreciation and amortization
(EBITDA). 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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