OneWater To Acquire T-H Marine For About $185 Mln

(RTTNews) - OneWater Marine Inc. (ONEW), an operator of recreational boat dealers, on Thursday said it has inked a deal to acquire T-H Marine, a provider of marine parts and accessories, for approximately $185 million. The transaction is expected to close in the last quarter of 2021 calendar year.

The American firm OneWater is expected to use a combination of cash and about $7 million in stock to fund the acquisition. In conjunction with the transaction, the acquirer has received a commitment from Truist Securities to expand its current term facility by $200 million.

"We believe T-H Marine represents a strong, natural fit with our service, parts & other sales business and meaningfully increases our addressable market for marine parts and accessories. With a track record of increasing financial performance, we believe the addition of T-H Marine will further enhance our long-term growth strategy as we continue to scale the business and drive value to our shareholders," said Austin Singleton, Chief Executive Officer for OneWater.

Stifel acted as the exclusive financial advisor to OneWater, while Truist Securities is expected to be providing committed financing for the transaction. Citizens M&A Advisory is serving as the exclusive financial advisor to T-H Marine.