OneWater Marine Acquires Ocean-BioChem in a $125 Million Deal
Jun 22, 2022 By MarketDepth
OneWater Marine Inc. (NASDAQ: ONEW) today announced that it has signed a definitive agreement to acquire Ocean Bio-Chem, Inc.
OneWater Marine Inc. (NASDAQ: ONEW) gained over 116% in premarket trading following the announcement.
OneWater will acquire Ocean Bio-Chem for $13.08 per share in an all-cash transaction valued at approximately $125 million.
“Ocean Bio-Chem brings aboard a suite of iconic brands and consumable products to the OneWater portfolio, and we are thrilled that OBCI’s experienced and highly regarded team will be joining us.”Austin Singleton, Chief Executive Officer for OneWater
Ocean Bio-Chem is a vertically integrated supplier of appearance, cleaning, and maintenance products for the marine industry and the automotive, powersports, recreational vehicles and outdoor power equipment markets. The company distributes a broad line of products under Star brite®, Star Tron®, Odor Star®, Performacide®, and other brand names.
“With OBCI’s strong customer relationships, coupled with OneWater’s robust portfolio of products and direct-to-consumer channels, we have an enormous opportunity to extend our reach and expand our parts and accessories business. We also see significant potential to drive further margin expansion as we capture operational efficiencies across the platform. Further, OBCI’s private label consumable products for OneWater dealers will drive deeper customer engagements.”Austin Singleton, Chief Executive Officer for OneWater