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Recreational boat retailer OneWater Marine Inc (NASDAQ: ONEW) has agreed to acquire the assets of Stone Harbor Marina, marine services provider based in New Jersey.
OneWater did not disclose the deal value or the terms of the acquisition.
The acquisition will enhance OneWater’s presence in the northeastern U.S. and expand new and pre-owned boat sales, storage, service and repair, and finance and insurance offerings.
The transaction is expected to complete in the fourth quarter of FY21.
Stone Harbor represents Pursuit, Everglades, Crownline, and Sportsman brands, while also offering factory-trained technicians to deliver quality service for its customers.
Stone Harbor’s sales amounted to about $35 million over the past twelve months.
“The addition of Stone Harbor Marina further highlights our winning acquisition strategy as we continue to opportunistically identify market-leading dealerships to fold into the organization,” said Austin Singleton, Chief Executive Officer, OneWater.
Price action: ONEW shares are closed lower by 3.88% at $42.6 on Monday.
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