OneWater Marine Inc (NASDAQ:ONEW) has entered into a definitive agreement to acquire a majority interest in Quality Boats, an exclusive authorized dealer for boating brands, including Grady-White, Pursuit, Regal, Tiara, Crevalle, and Sea Pro. The financial terms were not disclosed.
- OneWater will acquire an 80% interest in Quality Boats, while the sellers, David, and Dan Bair, will retain the remaining interest.
- The company has obtained an option to buy the remaining 20% interest at a stated price, and at its sole discretion, for a period of five years.
- Quality Boats operates four locations on the west coast of Florida, including Clearwater, Clearwater Beach, Sarasota, and Englewood.
- OneWater expects the transaction to expand its presence on the west coast of Florida and enhance new and pre-owned boat sales and parts and services offerings.
- For 2021, Quality Boats is expected to generate about $140 million in sales and $20 million in EBITDA.
- OneWater expects the deal to close in the next 90 days and immediately accretive to top-line growth, operating margin, and earnings per share.
- OneWater held $62.6 million in cash and equivalents as of September 30, 2021.
- Price Action: ONEW shares closed lower by 2.60% at $51.37 on Tuesday.
