OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”)
announced today that it has entered into a strategic relationship
with Bradford Marine (“Bradford”), in which OneWater completed a
sale/leaseback arrangement of the Roscioli Yachting Center with
Bradford Marine to provide world-class support for the OneWater
Yacht Group and Sunseeker brands. Concurrently, Bradford Marine
will acquire the service operation at the Roscioli Yachting Center
and all of the related real estate. The proceeds from this
transaction will be used to reduce the Company's long-term debt, as
well as fund ongoing strategic M&A opportunities.
“This strategic relationship allows us to sharpen our focus on
growing our Sunseeker Yacht sales, warranty and service operations,
while also strengthening our balance sheet. Roscioli’s
comprehensive yacht and mega yacht service offering is a natural
complement to the highly regarded Bradford family of companies, and
we look forward to a continued partnership for years to come,” said
Austin Singleton, Chief Executive Officer for OneWater.
Roscioli Yachting Center is a full-service
marina and yachting center located in Fort Lauderdale, FL,
providing best-in-class services ranging from custom carpentry and
fabrications, painting and refinishing, master mechanics and
superior dockside hospitality, which will continue to be provided
under the Bradford Marine name.
“We are proud to have acquired the Roscioli
Yachting Center and to partner with OneWater on this transaction,
and look forward to deepening our relationship with the Company in
the years ahead,” said John Kelly, Chief Executive Officer of
Bradford Marine. “We are excited about combining our adjoining
properties and the expanded capabilities this transaction provides
us, as we apply our customer focused philosophies, to change the
yachting experience.”
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 97 retail locations, 11 distribution
centers / warehouses and multiple online marketplaces in 19
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 Bradford Marine
Family-owned since 1966, Bradford Marine is a
full-service superyacht repair facility and marina with locations
in Fort Lauderdale, FL and Freeport, Grand Bahama. The Bradford
Marine family of businesses include Bradford Marine, Bradford Grand
Bahama, Pipewelders by Bradford Marine, High Seas Technology and
P&R Canvas. With a dedicated team of over 200 skilled craftsmen
and women, Bradford Marine prides itself on delivering full service
excellence backed by decades of experience and a commitment to
quality that has become synonymous with the name.
Cautionary Statement Concerning
Forward-Looking Statements
This press release and statements made during
the above referenced conference call may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including regarding our strategy, future
operations, financial position, prospects, plans and objectives of
management, growth rate and its expectations regarding future
revenue, operating income or loss or earnings or loss per share. In
some cases, you can identify forward-looking statements because
they contain words such as “may,” “will,” “will be,” “will likely
result,” “should,” “expects,” “plans,” “anticipates,” “could,”
“would,” “foresees,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
“outlook” or “continue” or the negative of these words or other
similar terms or expressions that concern our expectations,
strategy, plans or intentions. These forward-looking statements are
not guarantees of future performance, but are based on management's
current expectations, assumptions and beliefs concerning future
developments and their potential effect on us, which are inherently
subject to uncertainties, risks and changes in circumstances that
are difficult to predict. Our expectations expressed or implied in
these forward-looking statements may not turn out to be
correct.
Important factors, some of which are beyond our
control, that could cause actual results to differ materially from
our historical results or those expressed or implied by these
forward-looking statements include the following: effects of
industry wide supply chain challenges including a heightened
inflationary environment and our ability to maintain adequate
inventory, changes in demand for our products and services, the
seasonality and volatility of the boat industry, fluctuation in
interest rates, adverse weather events, our acquisition and
business strategies, the inability to comply with the financial and
other covenants and metrics in our credit facilities, cash flow and
access to capital, effects of the COVID-19 pandemic and related
governmental actions or restrictions on the Company’s business,
risks related to the ability to realize the anticipated benefits of
any proposed acquisitions, including the risk that proposed
acquisitions will not be integrated successfully, the timing of
development expenditures, and other risks. More information on
these risks and other potential factors that could affect our
financial results is included in our filings with the Securities
and Exchange Commission, including in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of our Annual Report on Form 10-K
for the fiscal year ended September 30, 2022 and in our
subsequently filed Quarterly Reports on Form 10-Q, each of which is
on file with the SEC and available from OneWater Marine’s website
at www.onewatermarine.com under the “Investors” tab, and in other
documents OneWater Marine files with the SEC. Any forward-looking
statement speaks only as of the date as of which such statement is
made, and, except as required by law, we undertake no obligation to
update or revise publicly any forward-looking statements, whether
because of new information, future events, or otherwise.
OneWater Investor or Media
Contact:Jack EzzellChief Financial
OfficerIR@OneWaterMarine.com
Bradford Media Contact:Kristin
SotoFounder & CEO, Soto
Agency754-246-8862kristin@soto-agency.com
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