PRESS RELEASE: OneWater Marine Inc. Completes the Acquisition of Ocean Bio-Chem
Solidifies presence in parts and accessories business
BUFORD, Ga., Aug. 09, 2022 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) announced today that it has completed the previously announced acquisition of Ocean Bio-Chem, Inc. (NASDAQ: OCBI) (“OBCI”), a leading supplier and distributor of appearance, cleaning, and maintenance products for the marine industry and the automotive, powersports, recreational vehicles, and outdoor power equipment markets. As a vertically integrated supplier, OBCI manufactures, markets, and distributes a broad portfolio of products under the Star brite®, Star Tron®, Odor Star® and other brand names.
“The addition of OBCI meaningfully advances OneWater’s strategic growth and diversification strategy in the marine parts and accessories business. Utilizing our best-in-class integration playbook, we expect to capitalize on the numerous opportunities to expand market share and drive further margin expansion,” said Austin Singleton, Chief Executive Officer for OneWater.
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 96 retail locations, 10 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.
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