OneWater Marine Inc. signs definitive agreement to Acquire Ocean Bio-Chem, Inc.

Clean & Protect

July 4, 2022

OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) recently announced that it has signed a definitive agreement to acquire Ocean Bio-Chem, Inc. (NASDAQ: OBCI) (“OBCI” or “Ocean Bio-Chem”), 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, for $13.08 per share, in an all-cash transaction valued at approximately $125 million. As part of the transaction, OneWater will also acquire OBCI’s affiliate, Star Brite Europe, Inc. Upon closing of the transaction, both OBCI and Star Brite Europe, Inc. will be integrated into T-H Marine Supplies, LLC, OneWater’s subsidiary and strategic growth platform for parts and accessories businesses.

“Ocean Bio-Chem brings aboard a suite of iconic brands and consumable products to the OneWater portfolio, and we are thrilled that OBCI’s experienced and highly regarded team will be joining us,” said Austin Singleton, Chief Executive Officer for OneWater. “OneWater has made great strides in establishing a parts and accessories business, utilizing our acquisition platform to further enhance our higher-margin businesses, helping to insulate us from the industry cyclicality of new boat sales. With a demonstrated track record of growth, OBCI’s shared values and consistent performance make it a tremendous addition to the OneWater family.”

As a vertically integrated supplier, OBCI manufactures, markets, and distributes a broad line of products under Star brite®, Star Tron®, Odor Star®, Performacide®, and other brand names. In addition, OBCI provides private label production, blending, and packaging for many of its products. Ocean Bio-Chem’s headquarters are located in Ft. Lauderdale, FL with a manufacturing plant in Montgomery, AL, shipping products globally.

Star Brite“With OBCI’s strong customer relationships, coupled with OneWater’s robust portfolio of products and direct-to-consumer channels, we have an enormous opportunity to extend our reach and expand our parts and accessories business. We also see significant potential to drive further margin expansion as we capture operational efficiencies across the platform. Further, OBCI’s private label consumable products for OneWater dealers will drive deeper customer engagements,” added Mr. Singleton.

“We are excited to be joining a team as passionate about their business as we are. With OneWater’s support and resources, we can implement promising new product lines. At the same time, we can also each leverage sales relationships across a combined portfolio to continue our histories of profitable growth,” said Peter Dornau, Chief Executive Officer and President of Ocean Bio-Chem.

Ocean Bio-Chem’s Board of Directors, based on the recommendation of a special committee of disinterested directors formed by the Board to evaluate the transaction, has unanimously approved the transaction.

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.

About Ocean Bio-Chem, Inc.

Ocean Bio-Chem, Inc. manufactures, markets, and distributes a broad line of appearance and maintenance products for the marine, automotive, power sports, recreational vehicle, and outdoor power equipment markets under the Star brite®, Star Tron®, Odor Star® and other brand names within the United States of America and Canada. The Company manufactures, markets, and distributes a line of disinfectant, sanitizing and deodorizing products under the Performacide® and Star brite® brand names. In addition, the Company produces private label formulations of many of its products for various customers and provides custom blending and packaging services for these and other products.

Related Posts





See Taiga’s Orca Performance electric watercraft in action at the Toronto Boat Show

CMRA

Taiga Motors, the Canadian leader in the electrification of powersports, will showcase its latest personal watercraft at the Toronto International Boat Show January 19-28, 2024 at booth 136, Heritage Court.

If you’d like more information about Taiga and would like to see the Orca Performance, a 100% electric personal watercraft in action at the Toronto International Boat Show’s indoor lake, Taiga Experts will be available for interviews and demos.

Read More




Need to Catch up on News This Week?

Every Tuesday we publish a fresh Digest with informative articles pertaining to the Canadian boating and marine industry. Stay up to date with the latest products, research and industry developments.

Missed an Issue of Boating Industry Canada News Week? If you’re looking for a specific issue, or simply want to catch up on previous issues, check out our Boating Industry Canada News Week Archives.

Not signed up for News Week? Subscribe here.



Boston Whaler launches the 210 Vantage

Boston Whaler just introduced the newest model in the Vantage lineup – the 210 Vantage, an all-new, keel-up dual console model designed with premium features core to the Boston Whaler brand, as well as intuitive technology to attract the next generation of boaters.

“Building on the success of the Vantage series, we’re thrilled to officially introduce the all-new 210 Vantage into the marketplace and offer consumers a truly differentiated experience,” said Dennis Tilden, Senior Director of Sales & Customer Service. “The 210 Vantage embodies the core values that define Boston Whaler’s legacy – quality, innovation, unsinkability, reliability and simplicity – and was designed to cater to young families and empty nesters with its manageable size, thoughtful design, weather protection and spacious seating. We’re confident that our newest model will be well-received in the market and set the standard for its category.​”

Read More


JL Audio unveils MediaMaster® Wireless Remote with Zone Control for Marine Audio Systems

Hubbell-Marine Stainless steel outlet covers
Hubbell-Marine Stainless steel outlet covers

Keep it cradled, or take it with you to conveniently control your JL Audio marine source unit and audiozones from anywhere on deck.

JL Audio, a Garmin brand and manufacturer of high-performance marine audio systems, announced the addition of the MMR-25W wireless remote controller to its growing portfolio of MediaMaster® source unit control solutions. Equipped with Bluetooth® Low Energy technology, this compact, handheld controller connects directly to the latest MediaMaster® source units, including the MM105 and MM105-HR, and allows for robust, multi-zone system control from anywhere on deck.

Read More