Brownie's Marine Group, a leading designer and distributor of recreational diving products, has entered into a non-binding letter of intent to purchase the real estate and substantially all of the assets of U.S. 1 Scuba Inc., a traditional owner/operator “SCUBA” store in Pompano Beach, Fla.
The transaction is expected to close on or before July 30.
“We are thrilled to be adding US 1 Scuba to the Brownie's Group. This acquisition gives Brownie's the ability to prove its vertically integrated model and demonstrate that offering diving solutions at every level will create sufficient margins to initiate a paradigm shift in these niche markets,” Robert Carmichael, chairman and CEO of Brownie's Marine Group, said in a statement.
“Expanding our suite of products, training and adventure travel to a broader range of outdoor sports enthusiasts will create an improved experience for the consumer and provide multiple revenue streams for our company that are well beyond those that typical dive stores depend on,” he added.
Brownie's and its wholly owned subsidiary, Trebor Industries Inc., doing business as Brownie's Third Lung, designs, tests, manufactures and distributes recreational hookah diving, yacht-based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products.