Retailer OneWater Marine this morning announced a stock buyback plan valued at up to $50 million. It is the first buyback program for the company since its IPO in February 2020.
“The board of directors’ authorization of our inaugural share repurchase program underscores their confidence in the opportunity ahead of OneWater,” CEO Austin Singleton said in a statement. “As part of our capital allocation strategy, we believe the company's stock can represent an attractive investment opportunity for OneWater."
“In addition, we will continue to execute our multifaceted M&A strategy, as these opportunities remain plentiful,” Singleton added. “We believe a balanced capital allocation strategy will continue to drive long-term value creation for our shareholders.”
OneWater said the timing of the buybacks will depend on market conditions, contractual limitations and other considerations. It said buybacks won’t begin until it releases its second quarter financials.