Buford, Ga., Feb 04 — OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) today announced that it has completed the sale of Ocean Bio-Chem Holdings, Inc. (“Ocean Bio-Chem” or “OBCI”) as part of its broader portfolio optimization strategy focused on core assets and long-term value creation. Proceeds from the transaction will be used to reduce debt and further strengthen the balance sheet.
“As part of our long-term strategy, we are focused on simplifying the business and allocating capital to the areas with the strongest strategic fit. The transaction enables us to sharpen our focus on core assets and enhance financial flexibility,” commented Austin Singleton, Executive Chairman at OneWater. “We expect to use the $50 million of proceeds to pay down debt, putting us on track to bring net leverage below 4.0x by our fiscal year end. This prepayment will generate approximately $3.5 million of annual interest expense savings, strengthening cash flow. While we have not changed our view on the market in 2026, we have updated our guidance to reflect the impact of the sale.”
OBCI manufactures, markets, and distributes specialty chemical products under Star brite®, Star Tron®, Odor Star®, Performacide®, and other brand names. In addition, OBCI provides private label production, blending, and packaging for many of its products. Ocean Bio-Chem is based in Ft. Lauderdale, FL with a manufacturing plant in Montgomery, AL. OneWater acquired OBCI in August 2022.