Continues acquisition growth in parts and accessories business
HUNTSVILLE, AL, August 11, 2022 – T-H Marine Supplies, LLC, a subsidiary of OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or the “Company”) announced today that OneWater has completed the previously announced acquisition of Ocean Bio-Chem, Inc. (NASDAQ: OCBI) (“OBCI”), a leading supplier and distributor of appearance, cleaning, and maintenance products for the marine industry and the automotive, powersports, recreational vehicles, and outdoor power equipment markets. As a vertically integrated supplier, OBCI manufactures, markets, and distributes a broad portfolio of products under the Star brite®, Star Tron®, Odor Star® and other brand names. OBCI and all affiliates will be integrated into T-H Marine Supplies, LLC, OneWater’s subsidiary and strategic growth platform for parts and accessories businesses. Marking T-H Marine’s third acquisition of 2022 and its 17th add-on acquisition overall, OBCI will function as a standalone division of T-H Marine that will continue to operate at its current facilities in Fort Lauderdale, Montgomery, and Netherlands.
“The addition of OBCI meaningfully advances OneWater’s strategic growth and diversification strategy in the marine parts and accessories business. Utilizing our best-in-class integration playbook, we expect to capitalize on the numerous opportunities to expand market share and drive further margin expansion,” said Austin Singleton, Chief Executive Officer for OneWater.
“We are truly excited to welcome the OBCI team to the T-H Marine/OneWater family,” said Jeff Huntley Sr., Chief Executive Officer of T-H Marine. “Greg Dornau and his leadership team will continue to operate OBCI / Star brite as an independent division. Furthermore, we know there are great synergies that we will accomplish by combining the strengths, channel penetration, and brand equity of the Star brite and T-H Marine teams, along with the OneWater parent organization. This is our largest acquisition to date and we are excited to continue being a strong acquisition platform to add great businesses and brands”.
“It was always about fit, for fifty years Star brite has been based on a winning team with a successful strategy. When T-H Marine/OneWater approached us about this acquisition, we knew it was the perfect fit. Our mission would remain the same but with a bigger family. Our three companies share a common culture; focus on the customer, offer superior products and have great customer service. Star brite is proud to be part of the T-H Marine/OneWater family and we look forward to what the future holds” said Gregor Dornau, President of Star brite.
T-H Marine and OBCI/Star brite announce that all customers, suppliers, and industry partners will continue to work with the same teams at the separate companies as they currently do. Future collaborations and synergies will expand opportunities from both companies, but for now, it is business as usual. With OBCI’s presence in over 30,000 retail outlets and T-H Marine’s supply relationship with every boat manufacturer in the United States, there are great opportunities to leverage customer relationships for both brands across a broader product line.
