OneWater Marine Reaches Agreement to Acquire Taylor Marine Centers
August 24 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”)
announced today that it has reached an agreement to acquire Taylor
Marine Centers, which will further 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 next 90 days.
“Taylor Marine Centers is another great addition
to the OneWater family. This acquisition complements our recent
acquisition of Norfolk Marine as we continue to expand our
geographic presence in the Mid-Atlantic U.S. and integrate
high-performing dealerships into our successful portfolio,” said
Austin Singleton, Chief Executive Officer for OneWater. “The Van
Rees family and crew at Taylor Marine Centers have an award-winning
history of providing a premier selection of boating brands and
best-in-class customer service, and we look forward to supporting
them as they continue to expand their offering and exceed customer
expectations.”
Taylor Marine Centers is a third-generation,
family-owned and operated business that has been serving boaters in
the Delmarva Peninsula for over 50 years. The Van Rees family has
long-standing relationships with customers and premier boating
brands including Boston Whaler, Grady White, Regal, and World Cat.
Taylor Marine Centers generated approximately $29 million in sales
over the past twelve months and offers premier service from its
factory trained technicians at their two locations.
Dirk Van Rees, co-owner of Taylor Marine
Centers, said, “We are thrilled to be joining the OneWater family.
Our philosophy has always been to sell only the highest quality
product, price competitively, and provide the highest level of
customer satisfaction. With OneWater’s resources and expertise at
our backs, we look forward to elevating our offering that keeps so
many of our customers coming back.”
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.
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 time frame if 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.
Investor or Media Contact:Jack
EzzellChief Financial OfficerIR@OneWaterMarine.com
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