OneWater Marine Inc. has reached an agreement to acquire the assets of Stone Harbor Marina in New Jersey.
According to OneWater, the acquisition will enhance the company’s presence in the northeastern U.S. and expand new and preowned boat sales, storage, service and repair, and finance and insurance offerings.
“We are thrilled to have the opportunity to join the OneWater network of dealerships. Having access to OneWater’s digital platform, finance and insurance capabilities, and best practices, I believe we can take the business to new heights. I couldn’t be more excited about this partnership and the opportunities that lie ahead for our team,” Tom Russell, owner of Stone Harbor Marina, said in a statement.
The transaction is expected to close in the fourth quarter of 2021; financial details were not disclosed.
With more than 50 years of service to Garden State boaters, Stone Harbor represents boat brands including Pursuit, Everglades, Crownline and Sportsman, with factory-trained service technicians. Stone Harbor also has a large, in-water marina with wet slips and rack storage.
The company reported it generated about $35 million in sales over the past year from these offerings.
“We are extremely excited to welcome Tom Russell and the Stone Harbor team into the OneWater family,” said Austin Singleton, CEO of OneWater. “Tom and his team have done an incredible job with the business over the years, and we look forward to providing new opportunities and resources to support their continued success. Stone Harbor Marina will be a perfect addition as we continue to execute on our strategy to provide the best brands and buying experience to our customers.”