ONEW Stock Increases Over 13.5% Intraday: Why It Happened

By Amit Chowdhry ● July 20, 2021
  • The stock price of OneWater Marine Inc (NASDAQ: ONEW) increased by over 13.5% during intraday trading. This is why it happened.

The stock price of OneWater Marine Inc (NASDAQ: ONEW) increased by over 13.5% during intraday trading. Investors are responding positively to OneWater Marine announced that it has reached an agreement to buy the assets of Naples Boat Mart, which will expand the company’s presence on the West Coast of Florida and enhance new and pre-owned boat sales, storage, service and repair, and finance and insurance offerings. The deal is expected to close in the fourth quarter of 2021.

As a third-generation family-owned and operated business, Naples Boat Mart represents premier boating brands including Grady White, Hurricane, and Key West while also offering factory-trained technicians to deliver quality service for customers including a full-rigging shop and mobile service units. And Naples Boat Mart generated approximately $30 million in sales over the past 12 months from these offerings.

KEY QUOTES:

“We are thrilled to welcome Philip Osborne and the Naples Boat Mart team into the OneWater family as we continue to deliver on our acquisition strategy. This acquisition enhances our overall presence on Florida’s West Coast and complements our recent acquisition of Walker Marine Group. Philip and his team have done a masterful job with Naples Boat Mart over three-generations, and we look forward to providing new opportunities and resources to support their continued success.”

— Austin Singleton, Chief Executive Officer for OneWater

“We are ecstatic to be joining the OneWater family. Naples Boat Mart has maintained both premium products and winning customer service for three-generations. With OneWater’s digital footprint, finance & insurance prowess, and a company culture that is second to none, I believe we can take Naples Boat Mart to new heights, amplifying new and existing revenue streams, while staying beholden to our values as a family-owned company. I am excited to see where our partnership takes us, and the endless opportunities that lie ahead for our team.”

— Philip Osborne, Owner of Naples Boat Mart

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.