OneWater Marine To Acquire T-H Marine For ~$185M

OneWater Marine Inc ONEW has agreed to acquire Huntsville, Alabama-based T-H Marine, a branded marine parts and accessories provider, for about $185 million.
The deal is anticipated to more than double the size of the services, parts & other sales of OneWater, complementing the portfolio of marine parts and accessories.
OneWater Marine anticipates the acquisition immediately accretive to top-line growth, operating margins, and earnings per share. The company expects the combination to reduce its exposure to the cyclical nature of new boat sales and improve overall gross margins.
The company expects the transaction to close in the fourth quarter of 2021.
OneWater Marine plans to use a combination of cash and $7 million in stock to fund the acquisition. It held $120.7 million in cash and equivalents as of June 30, 2021.
Price Action: ONEW shares are trading higher by 3.00% at $43.31 in premarket on the last check Thursday.