OneWater Marine has filed to raise $100 million in an Initial Public Offering. The Buford, Ga.-based company operates a network of recreational boat dealerships and marinas in North America
OneWater was formed in 2006 after the merger of Singleton Marine and Legendary Marine. It operates 60 retail outlets in 11 states in the Southeast, Gulf Coast, Mid-Atlantic and the Northeast regions. The company had been on an aggressive growth strategy, but analysts say that growth has slowed.
In 2018, the company sold more than 7,500 new and pre-owned boats and management reportedly estimated that 40 percent of those sales were to returning customers.
Seekingalpha.com estimates total revenue up for OneWater through June 30 at $284,906,000. As of March 31, 2019, the company reportedly had $17 million in cash and $423.5 million in total liabilities.
The website reports that OneWater has relationships with 47 manufacturers covering 64 brands. It is currently a top-three customer for 24 of its 64 brands and the single largest customer for its top five highest-selling brands.
The company intends to raise $100 million in gross proceeds from an IPO of its Class A common stock, although the final figure may be different. Multiple classes of stock will let management and significant existing investors retain voting control even if they lose economic control of the company.
Per the firm’s latest filing, it plans to use the net proceeds from the IPO to purchase units in the underlying LLC for the corporation to redeem preferred units and repay credit. Goldman Sachs and Raymond James are listed as the underwriters of the IPO.