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OneWater Marine reaches agreement to acquire Stone Harbor Marina

by OneWater Marine 16 Jun 08:26 PDT

OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or "the Company") announced today that it has reached an agreement to acquire the assets of Stone Harbor Marina ("Stone Harbor"), which will enhance the Company's presence in the northeastern U.S. and expand new and pre-owned boat sales, storage, service and repair, and finance and insurance offerings. The transaction is expected to close in the fiscal fourth quarter of 2021.

With more than a 50-year history of serving New Jersey's boaters, Stone Harbor represents Pursuit, Everglades, Crownline, and Sportsman brands, while also offering factory trained technicians to deliver quality service for its customers. In addition, Stone Harbor maintains a large, in-water marina with wet slips, as well as rack storage. Stone Harbor generated approximately $35 million in sales over the past twelve months, from these offerings.

"We are extremely excited to welcome Tom Russell and the Stone Harbor team into the OneWater family. The addition of Stone Harbor Marina further highlights our winning acquisition strategy as we continue to opportunistically identify market-leading dealerships to fold into the organization," said Austin Singleton, Chief Executive Officer for OneWater. "Tom and his team have done an incredible job with the business over the years, and we look forward to providing new opportunities and resources to support their continued success. Stone Harbor Marina will be a perfect addition as we continue to execute on our strategy to provide the best brands and buying experience to our customers."

Tom Russell, Owner of Stone Harbor Marina, said, "We are thrilled to have the opportunity to join the OneWater network of dealerships. Stone Harbor has historically maintained a premium product portfolio and has a strong reputation for delivering superior customer service. Having access to OneWater's digital platform, finance & insurance capabilities, and best practices, I believe we can take the business to new heights, maximizing new and existing revenue streams and overall operating efficiency. I couldn't be more excited about this partnership and the opportunities that lie ahead for our team."

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