It’s official: with the “i”s dotted and the “t”s crossed, T-H Marine is now part of OneWater Marine. But what does that mean for T-H Marine? What does it mean for our customers? We explain it all below.
Official Announcement from OneWater Marine
Following the announcement of their initial acquisition agreement, OneWater Marine sent out a press release confirming the completion of the process and affirming their excitement about bringing T-H Marine aboard:
BUFORD, Ga., Dec. 02, 2021 (GLOBE NEWSWIRE) -- OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) announced today that it has completed the previously announced acquisition of T-H Marine, a leading provider of branded marine parts and accessories. OneWater expects that the acquisition will significantly expand the Company’s presence in the parts and accessories sector. The transaction is expected to more than double the annual revenue of OneWater’s current business in the space.
“We couldn’t be more excited to welcome Jeff Huntley Sr. and his team into the OneWater family. This transaction meaningfully advances OneWater’s strategic growth and diversification strategy and is expected to materially expand our addressable market in the parts and accessories business. T-H Marine will serve as an additional platform for growth with its strong pipeline in both product development and its own acquisition strategy, led by an experienced and capable team. With T-H Marine, we can now provide a more complete offering to our customers while continuing to drive growth and unlocking value for our shareholders,” said Austin Singleton, Chief Executive Officer for OneWater.
As for T-H Marine, we are looking forward to the days ahead for a number of reasons, especially because of how the arrangement ties into where we've been, where we are now, and our plans to serve our customers for many years to come.
The American Dream and a Family Business from Alabama
A few decades ago in Alabama, there was a man who started a business because of his love for boats and the outdoors. His son would lead that business one day, continuing the family / employee culture and qualities of southern hospitality. Through calm water and rough wake, too, they navigated it all and made their run at building something bigger.
Over the years, they put the customer first and made strategic moves to acquire businesses. As they brought in new businesses, their management teams, and new employees, they saw it as a pleasure to let these add-ons shine for what they were. After all, each new employee and each new business brought a name that someone trusted, along with expertise, reputation, and relationships.
It was then the company’s job to nurture those strengths, magnify them, and adapt for the opportunities ahead, so they strived to do that in every way. This enabled the company to grow exponentially over the years and survive the tough times that sometimes came along.
If you’ve known T-H Marine for a bit, that story and those approaches should sound familiar, but with our acquisition now finalized, we’re not writing this as a teary-eyed elegy about ourselves. We’re excitedly sharing this story because it introduces OneWater Marine, a company started in Alabama, run by a great team, endowed with a rich history, and strengthened by smart business practices.
It’s uncanny how much the OneWater Marine story parallels our own, even the legacy of a father passing the torch to his son, and as the Huntley family remains involved with our operations, there couldn’t be a better fit for the future of T-H Marine.
For Customers of T-H Marine and OneWater Marine
If you’re just getting to know OneWater Marine and are trying to think through what this new business arrangement means, we can honestly say that, as a growing business like T-H Marine, we only keep going forward by innovating what we do and who we work with. This is certainly true when it comes to what the business does in plain sight of customers, and it’s also true of what customers don’t often see, like the side of the business that deals with investment and capital.
With this in mind, few (if any other) investors have the knowledge and experience that OneWater Marine has, let alone the common background that we have with them. It’s like getting just the right boat for where you want to go and what you want to do. Instead of having to choose between things like agility and stability or capacity and speed, OneWater Marine is well-equipped to provide the right balance in each area we need.
As a boat dealer group, OneWater Marine has been a customer themselves. They’ve seen things from the perspective of OEMs and aftermarket businesses and they know how important it is to provide great customer service in all areas of their business. And, as an investor, they want to fuel growth, product development, and added services.
We’re glad to say that we will operate as a standalone legal entity as well. We’ll still be named T-H Marine Supplies, LLC, we’ll keep our sights on new products and potential acquisitions, and we’ll continue to put our hearts into how we serve our customers.
That’s what you can expect from T-H Marine and OneWater Marine. Through our products and how we run our business, we’re eager to continue sharing our love for the water.
About OneWater Marine
OneWater Marine Inc. has over $1.0 Billion in annual revenue. OneWater is a publicly-traded company, traded on the NASDAQ, under the ticker symbol ONEW. They are headquartered in Buford, GA, just 45 minutes northeast of Atlanta.
As one of the largest and fastest-growing premium recreational boat retailers in the United States, OneWater operates 71 stores throughout 11 different states, eight 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, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage. OneWater offers boats by over 50 boat manufacturers, consisting of almost 70 different brands.
For more information, visit the OneWater Marine Website at www.onewatermarine.com.