OneWater Marine Inc. Signs Definitive Agreement to Acquire Garden State Yacht Sales

Acquisition strengthens presence in the Mid-Atlantic U.S.

BUFORD, Ga., April 11, 2024 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) announced today that it has signed a definitive agreement to acquire Garden State Yacht Sales (“Garden State”), which further expands the Company’s presence in the Mid-Atlantic U.S. and enhances new and pre-owned boat sales, finance, and parts and services offerings.

“We continue to execute our strategic growth objectives with the addition of Garden State Yacht Sales, a premium dealership and marina location. With minimal capital outlay, we look forward to leveraging our proven integration playbook to capitalize on the compelling upside potential of this acquisition,” said Austin Singleton, Chief Executive Officer for OneWater. “Garden State’s prime location complements our position in the Mid-Atlantic U.S. as we continue to build our footprint and suite of offerings in this attractive boating market. While the opportunities have been plentiful in the current market environment, we remain opportunistic, yet disciplined in our approach to M&A.”

Garden State Yacht Sales is a full-service marina and boat dealer located in Point Pleasant Beach, NJ offering brands such as Bennington, Cobia, Everglades, Pathfinder, Twin Vee, Aquasport and Pursuit. In addition to being one of the largest parts and accessories retailers in the state of New Jersey, Garden State’s specialized services include maintenance and repair, winterization, and storage. Under the terms of the agreement, OneWater will acquire the net assets of the operation, including inventory, for minimal capital outlay. Garden State generated approximately $14.0 million in sales in 2023.

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 95 retail locations, 10 distribution centers / warehouses and multiple online marketplaces in 18 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.