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OneWater Marine reaches agreement to acquire Norfolk Marine

by OneWater Marine 17 Nov 14:50 PST
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 Norfolk Marine Inc., which will expand the Company's presence in the Mid-Atlantic U.S. and enhance new and pre-owned boat sales, finance, and parts and services offerings.

The transaction is expected to close in the fourth quarter of calendar 2021.

"The OneWater family welcomes Jason Murphy and the Norfolk Marine team as we continue to execute on our growth strategy. This acquisition will add to our growing presence in the Mid-Atlantic region and will mark our first dealer in Virginia," said Austin Singleton, Chief Executive Officer for OneWater. "Jason and his team have contributed to the rich history of Norfolk Marine, and we look forward to providing support as they continue to expand their offerings."

A third-generation family owned and operated business, Norfolk Marine is an exclusive authorized dealer for premier boating brands including Sea Hunt, Grady-White, Regal, Bennington and Carolina Skiff. Norfolk Marine generated over $20 million in sales over the past twelve months and is a full-service marine dealer, offering award winning service and repair for a wide variety of boat brands and models. Among its factory trained techicians, Norfolk Marine is home to several 5-star Yamaha technicians and multiple Yamaha Master technicians.

Jason Murphy, Owner of Norfolk Marine, said, "We are thrilled to be joining the OneWater family, and we could not have imagined a better fit. For more than 75 years, Norfolk Marine has proudly served our growing customer base. As we continue to expand our offerings and solidify our leadership position, we believe OneWater's expertise and experience in its own growth and diversification efforts will be a huge catalyst for further success."

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