OneWater Marine Inc. Announces the Sale of Dealerships in Non-Core Markets

BUFORD, Ga., Sept. 29, 2023 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) announced today that it has completed the sale of two dealerships located near Lake Cumberland in Somerset Kentucky to Troxtell Marine. Lookout Marine and Kentucky Marine had combined annual sales of $6 million.

“We continue to further enhance our geographic footprint in some of the largest boating markets in the country. While these dealerships have performed well, they are not aligned with our long-term strategy and believe they would be better positioned with Troxtell Marine, a premier marine business serving the Somerset, Kentucky area,” said Austin Singleton, Chief Executive Officer for OneWater.

Troxtell Marine is a premier marine business serving the Somerset, Kentucky area, carrying a variety of outboard motors, pontoons, and boats lines from Mercury, Starcraft, and Yamaha. It is anticipated that the combined businesses will operate under the Troxtell Marine and Lookout Marine brand umbrella.

“We have built a reputation as one of the most premium marine sales and service providers in the Somerset, Kentucky marketplace. We look forward to caring for existing & prospective customers both during and after the sale, all while further expanding our footprint in the industry,” said Jimbob Troxtell, Owner & General Manager of Troxtell Marine.

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 97 retail locations, 11 distribution centers / warehouses and multiple online marketplaces in 19 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 and statements made during the above referenced conference call 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.