OneWater Marine Inc. Signs Definitive Agreement to Acquire Harbor View Marine
October 11 2022 - 7:00AM
OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
announced today that it has signed a definitive agreement to
acquire Harbor View Marine, one of the Gulf Coast’s largest locally
owned dealerships. The acquisition will further expand the
Company’s footprint on the Gulf Coast and is expected to enhance
new and pre-owned boat sales, finance, and parts and services
offerings. The transaction is expected to close in the first
quarter of fiscal 2023.
“Harbor View Marine brings aboard a suite of
iconic brands and a loyal, local following. These characteristics
are quintessential for portfolio expansion at OneWater,” said
Austin Singleton, Chief Executive Officer for OneWater. “OneWater’s
focus on strategic growth remains steadfast and parallels our
customers’ desire to explore new products and brands. With a
well-respected name in the region and a one-stop-shop suite of
offerings, Harbor View will be a natural fit with the OneWater
family.”
Harbor View Marine is a family-owned and
operated business with an on-water marina in Pensacola, FL and
roadside location in Orange Beach, AL, offering leading brands such
as NauticStar, Jeanneau, G3, and Bayliner. In addition to new and
used boat sales, Harbor View Marine offers service and repair from
certified technicians, parts and accessories, hi/dry boat storage,
and a boat club to Gulf Coast boaters. Harbor View Marine generated
approximately $21 million in sales over the past twelve months.
Darrell Robinson, co-owner of Harbor View
Marine, said, “We pride ourselves on our rock-solid reputation and
providing excellent service, support and satisfaction with a staff
that understands all aspects of the business. We look forward to
working with OneWater and continuing that legacy.”
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 98 retail locations, 12 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
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This press release may contain “forward-looking
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Reform Act of 1995, including regarding our strategy, acquisitions,
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concerning future developments and their potential effect on us,
which are inherently subject to uncertainties, risks and changes in
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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: weather,
political, economic and market conditions; 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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