Atlanta-based Singleton Marine announced a merger with Legendary Marine of Florida that will strengthen the combined companies’ presence in the important Gulf Coast market.
“We are taking what we consider a powerhouse in the freshwater market and a powerhouse in the saltwater market to create a real powerhouse in each segment,” OneWater Marine Holdings CEO Austin Singleton told Trade Only Today.
OneWater Marine Holdings is a newly created holding company with Singleton Marine Group and Legendary Marine under its umbrella, as well as two previous Singleton acquisitions — Dallas-based Phil Dill Boats and SMG Wake Houston in south Texas.
OneWater Marine chief operating officer Anthony Aisquith will lead day-to-day operations across all dealership locations.
“Expanding our market areas, incorporating best practices across the organization and leveraging operational cost efficiencies will result in top-line sales growth and greater bottom-line profits for each of our dealerships,” Aisquith said in a statement.
Each of the established dealerships will retain its name and branding.
“The consolidation of these dealerships represents the first in our aggressive, long-term expansion plans,” Singleton said. “We plan to target market leaders that have great brand awareness in their market. We’re not looking for turnarounds.”
Legendary Marine managing partner Fred Pace has retired, Singleton said, but the rest of the management team is staying in place there.
As for what made the Singleton-Legendary merger enticing, Singleton noted, “We each have some strengths that really complement the others’ weaknesses,” noting Legendary’s stellar service department and Singleton’s strength in the used-boat segment.
“We have put those together to make us both stronger,” he said.
Integrating operating systems and technologies between the Singleton and Legendary operations poses the biggest challenge in the near term, he said. The result will be more efficient, more effective dealerships in the Atlanta area and the Florida panhandle.
The collective financial strength and diversification will make for a group better able to weather future economic and environmental challenges, Singleton said.