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OneWater Marine Closes USD 125m Acquisition of Marine Industry Supplier Ocean Bio-Chem
Friday 12 August 2022

US-based marine retailer OneWater Marine Inc. (NASDAQ: ONEW) has closed the acquisition of Florida-based marine industry supplier Ocean Bio-Chem, Inc. (NASDAQ: OBCI) for USD 13.08 per share, in an all-cash transaction valued at approximately USD 125m, the company said.

The acquisition is expected to advance the growth of parts and accessories business.

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.

As a vertically integrated supplier, OBCI manufactures, markets, and distributes a broad line of products and private label production, blending, and packaging for its products.

OneWater will finance the transaction with an extension of its term loan facility led by Truist Bank and has received a commitment letter to be executed following the transaction closing.

Butler Snow LLP and Vinson and Elkins LLP are acting as OneWater's legal counsel on the transaction. Houlihan Lokey is serving as financial advisor to the OBCI special committee, and Morgan, Lewis and Bockius LLP is acting as legal counsel to OBCI.
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Date Published: 12/08/2022

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