OneWater Marine reaches agreement to acquire Naples Boat Mart
by OneWater Marine 21 Jul 2021 06:07 PDT
OneWater Marine Inc. updates on its business operations © OneWater Marine Inc
OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or "the Company") announced today that it has reached an agreement to acquire the assets of Naples Boat Mart, which will expand the Company's presence on the West Coast of Florida and enhance new and pre-owned boat sales, storage, service and repair, and finance and insurance offerings.
The transaction is expected to close in the fourth quarter of 2021.
A third-generation family owned and operated business, Naples Boat Mart represents premier boating brands including, Grady White, Hurricane, and Key West, while also offering factory trained technicians to deliver quality service for its customers including a full rigging shop and mobile service units. Naples Boat Mart generated approximately $30 million in sales over the past twelve months from these offerings.
"We are thrilled to welcome Philip Osborne and the Naples Boat Mart team into the OneWater family as we continue to deliver on our acquisition strategy. This acquisition enhances our overall presence on Florida's West Coast and complements our recent acquisition of Walker Marine Group," said Austin Singleton, Chief Executive Officer for OneWater. "Philip and his team have done a masterful job with Naples Boat Mart over three-generations, and we look forward to providing new opportunities and resources to support their continued success."
Philip Osborne, Owner of Naples Boat Mart, said, "We are ecstatic to be joining the OneWater family. Naples Boat Mart has maintained both premium products and winning customer service for three-generations. With OneWater's digital footprint, finance and insurance prowess, and a company culture that is second to none, I believe we can take Naples Boat Mart to new heights, amplifying new and existing revenue streams, while staying beholden to our values as a family-owned company. I am excited to see where our partnership takes us, and the endless opportunities that lie ahead for our team."