OneWater Marine to acquire Ocean Bio-Chem for $125m
OneWater Marine, an American marine retailer, has agreed to acquire Florida-based Ocean Bio-Chem (OBCI) in an all-cash deal valued at around $125 million.
Shareholders of the publicly-listed Ocean Bio-Chem will be offered $13.08 per share.
Ocean Bio-Chem supplies and distributes appearance, cleaning, and maintenance products for the marine sector and the automotive, recreational vehicles, powersports, and outdoor power equipment markets.
As part of the deal, OneWater Marine will also acquire Star Brite Europe, an affiliate of Ocean Bio-Chem.
After the closing of the transaction, Ocean Bio-Chem and Star Brite Europe will be integrated into OneWater Marine’s subsidiary — T-H Marine Supplies, which is also its strategic growth platform for the businesses of parts and accessories.
Austin Singleton — OneWater Marine CEO said: “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.
“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.”
Ocean Bio-Chem’s products are available under Star brite, Odor Star, Star Tron, Performacide, and other brand names. Additionally, the company offers private label production, packaging, and blending for several of its products.
Peter Dornau — Ocean Bio-Chem CEO and President said: “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.”
The deal, which is subject to regulatory approval and other conditions, is expected to close during OneWater Marine’s fiscal Q4 2022.