US boat dealership now valued at US$166m

OneWater Marine, the boat dealership chain with 63 US dealership and marina locations in 11 states, raised a reported US$55m last week on an initial public offering (IPO) offering 4.6 million shares at US$12.

The price, according to Renaissance Capital, was at the low end of the projected US$12 to US$14 predicted range, and brings the market value of the organisation to US$166m.

OneWater, based in Bufford, Georgia, relaunched its IPO after postponing it in October of 2019, it had originally hoped to raise us$60 million on 3.2 million shares offered between US$18 and US$20 per share.

Raymond James, Baird and SunTrust Robinson Humphrey are acting as joint book-running managers for the offering.

OneWater offers a range of services and has what it calls “diversified revenue streams, which include the sale of new and pre-owned boats, parts and accessories, finance and insurance products, maintenance and repair services and ancillary services such as boat storage.