Georgia, US-based dealership chain OneWater Marine Inc announced on Thursday that it has acquired Dadeville, Alabama dealership Harbor Pointe Marina.
Located on sprawling Lake Martin, one of the state’s most popular boating destinations, Harbor Pointe is a dealership for Sea Pro fibreglass fishing boats, and the Premiere and Crest pontoon lines as well as Suzuki and Mercury outboard engines.
Post-acquisition, OneWater Marine intends to add Regal fibreglass boats and Bennington pontoons to the product mix, according to the company. Service, storage and rentals are also offered at the facility as part of its operations.
Under terms of the purchase agreement, OneWater acquired the net assets of the dealership operation exclusive of the real estate and existing boat inventory, which will be taken on a consignment basis to result in minimal capital outlay for the firm. Harbor Pointe Marina generated approximately US$5.8m in sales in 2022.
“Harbor Pointe Marina presents an exciting, low-risk opportunity to assume a dealership operation at virtually no cost,” said OneWater Marine CEO, Austin Singleton. “Furthermore, OneWater’s proven dealership integration and growth strategies enables us to expand the product offering available to Harbor Pointe Marina’s customers and broaden our reach in an attractive boating market.
“The M&A environment continues to pick up steam, and we are in a position of strength as we opportunistically build on our strong track record of successful acquisitions.”
OneWater operates a total of 100 retail locations and 11 distribution centres across 20 US states. Its highly diversified revenue streams include the new and pre-owned boat sales, finance and insurance products, parts and accessories, maintenance, repair and other services.
