Please select your home edition
Edition
Allen Brothers

OneWater Marine enters into a definitive agreement to acquire a majority interest in Quality Boats

by OneWater Marine 16 Dec 2021 08:23 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 entered into a definitive agreement to acquire a majority interest, in Quality Boats.

  • Together with OneWater's previous acquisitions, OneWater will expand market share on Florida's west coast, currently one of the most attractive boating markets in the country
  • Advances OneWater's growth strategy and creates significant opportunity to introduce additional offerings to Quality Boat's large and growing customer base
  • Projected full calendar year 2021 sales of approximately $140 million and EBITDA1 of $20 million
  • Expected to be immediately accretive to top-line growth, operating margin and earnings per share

The transaction will expand the Company's presence on the west coast of Florida and enhances new and pre-owned boat sales and parts and services offerings. For the full calendar year 2021, Quality Boats is expected to generate approximately $140 million in sales and $20 million in EBITDA1. The transaction is expected to be immediately accretive to OneWater.

"We could not be more excited to welcome the Quality Boats team into the OneWater family. Their significant presence in one of the hottest boating markets in the US and commitment to quality are just a few of the reasons why Quality Boats is an award-winning dealership group and a fantastic fit for the OneWater family," said Austin Singleton, Chief Executive Officer for OneWater. "I am personally thrilled to welcome my long-time friends, Dave and Dan Bair, to the OneWater team, and look forward to the exciting future of our company."

"Growing up in Clearwater, FL, I have always seen Quality Boats as a well respected and fierce competitor in the market place," said Anthony Aisquith, Chief Operating Officer of OneWater. "Their reputation for taking care of customers by their well trained sales and service teams is second to none. Dave and Dan Bair are fantastic operators, and are very highly regarded as leaders within the marine industry. I am excited to be working with long-time friends and eager to see the possibilities that our combined operations will generate in the future."

Quality Boats' many accolades include the National Marine Manufacturers Association distinction as one of the top dealers in the world in overall customer satisfaction. In addition, Quality Boats was named Boating Industry's number one dealer in both 2020 and 2019. It is also the leading dealer for many of its premier brands for the 2021 model year, including:

  • Number one Grady White dealer worldwide;
  • Number one single dealer for Pursuit worldwide;
  • Number two single Regal dealer worldwide; and,
  • Number two single Tiara dealer worldwide.

1See "Non-GAAP Financial Measures" at the end of this release for a discussion of EBITDA. We have not provided a reconciliation of EBITDA projections to their corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration and transaction costs. Accordingly, a reconciliation of forward looking EBITDA is not available without unreasonable efforts.

Dave Bair, co-owner of Quality Boats, said, "We are equally as thrilled to be joining the OneWater family, a dealership group we have admired for many years. This is an exciting time in the marine industry, and we are proud to combine forces with OneWater to further expand on the goals and vision our father established nearly 50 years ago."

Family-owned and operated since its founding by Ted Bair in 1973, Quality Boats operates four locations on the west coast of Florida including Clearwater, Clearwater Beach, Sarasota and Englewood. Quality Boats' premier service offering includes factory authorized and trained technicians and top notch facilities. It operates a strategic waterfront service department on the Gulf side of Clearwater, offering customers a convenient and efficient service experience. Quality Boats is an exclusive authorized dealer for premier boating brands, including Grady-White, Pursuit, Regal, Tiara, Crevalle and Sea Pro.

The transaction is expected to close in the next 90 days, and is subject to usual and customary closing conditions. OneWater is anticipated to acquire an 80% interest in Quality Boats, while the Sellers, David and Dan Bair, will retain the remaining interest. OneWater has obtained an option to acquire the remaining 20% interest at a stated price, and at its sole discretion, for a period of five years.

Non-GAAP Financial Measures

This press release contains EBITDA, a non-GAAP financial measure. We define EBITDA as net income (loss) before interest expense - other, income tax expense, depreciation and amortization and other (income) expense. This measure should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Because non-GAAP financial measures may be defined differently by other companies, our definition of such non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. We have not reconciled EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to acquisition contingent consideration and transaction costs. Accordingly, a reconciliation of forward looking EBITDA is not available without unreasonable effort.

For more information visit www.onewatermarine.com.

Related Articles

OneWater announces Fiscal Q1 earnings release date
Releasing on February 3rd before the market opens OneWater Marine Inc. (NASDAQ: ONEW) (the "Company" or "OneWater") announced today that it will release its fiscal first quarter 2022 financial results on Thursday, February 3rd, 2022, before the market opens. Posted on 21 Jan
OneWater complete the acquisition of Quality Boats
The transaction expands the company's presence on the west coast of Florida OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or the "Company") announced today that it has completed the previously announced acquisition of a majority interest in Quality Boats, recognized as a top dealer in customer satisfaction. Posted on 6 Jan
6,800 toys for Toys for Tots Charities
OneWater Marine Inc. donated more than $200,000 OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced that it donated more than $200,000 and collected over 6,800 toys for local Toys for Tots programs in 2021. Posted on 6 Jan
OneWater completes floorplan financing expansion
Increases line of credit to $500 million to support acquisition pipeline and organic growth OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or the "Company") today announced it has entered into the Seventh Amended and Restated Inventory Financing Facility ("The Facility") with Wells Fargo Commercial Distribution Finance LLC Posted on 5 Jan
OneWater completes the aquisition of T-H Marine
Significantly enhances presence in parts and accessories, further diversifies revenue streams OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or the "Company") has announced that it has completed the previously announced acquisition of T-H Marine, a leading provider of branded marine parts and accessories. Posted on 5 Dec 2021
OneWater Marine acquires Norfolk Marine
Continued growth of their very first dealer in the state of Virginia OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or the "Company") have announced that it has completed the previously announced acquisition of Norfolk Marine Inc. ("Norfolk Marine"). Posted on 4 Dec 2021
OneWater announces 4th quarter & full 2021 results
Significant top- and bottom-line growth fueled by record demand OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or the "Company") today announced results for its fiscal fourth quarter and year ended September 30, 2021. Posted on 19 Nov 2021
OneWater Marine to acquire Norfolk Marine
Will further expand presence in the Mid-Atlantic U.S. OneWater Marine 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. Posted on 17 Nov 2021
OneWater announces Fiscal Q4 earnings release date
The Company's management team will host a conference call to discuss the results OneWater Marine Inc. (NASDAQ: ONEW) (the "Company" or "OneWater") announced today that it will release its fiscal fourth quarter and full-year 2021 financial results on Thursday, November 18, 2021, before the market opens. Posted on 5 Nov 2021
OneWater signs agreement to acquire T-H Marine
A leading provider of branded marine parts and accessories for OEMs and the aftermarket OneWater Marine Inc. (NASDAQ: ONEW) ("OneWater" or "the Company") announced today that it has entered into a definitive agreement to acquire T-H Marine, a leading provider of branded marine parts and accessories, for approximately $185 million. Posted on 22 Oct 2021
J Composites 2020 - FOOTERUpffront 2020 Foredeck Club SW FOOTERNorth Sails 2021 Innovation - FOOTER