OneWater Marine signed an agreement to purchase Garden State Yacht Sales. This transaction is expected to further expand its presence in the Mid-Atlantic U.S. while enhancing new and pre-owned boat sales, finance and parts and services offerings.
“We continue to execute our strategic growth objectives with the addition of Garden State Yacht Sales, a premium dealership and marina location. With minimal capital outlay, we look forward to leveraging our proven integration playbook to capitalize on the compelling upside potential of this acquisition,” said Austin Singleton, CEO, OneWater. “Garden State’s prime location complements our position in the Mid-Atlantic U.S. as we continue to build our footprint and suite of offerings in this attractive boating market. While the opportunities have been plentiful in the current market environment, we remain opportunistic, yet disciplined in our approach to M&A.”
Garden State Yacht Sales is a full-service marina and boat dealer located in Point Pleasant Beach, NJ that offers brands such as Bennington, Cobia, Everglades, Pathfinder, Twin Vee, Aquasport and Pursuit. In addition to being one of the largest parts and accessories retailers in New Jersey, Garden State’s specialized services include maintenance and repair, winterization and storage.
Under the terms of the agreement, OneWater will acquire the net assets of the operation, including inventory. Garden State recently generated $14 million in sales (2023).
