OneWater Marine Inc. announced that it has completed the sale of Ocean Bio-Chem Holdings Inc. (“Ocean Bio-Chem” or “OBCI”) as part of its broader portfolio optimization strategy focused on core assets and long-term value creation. Proceeds from the transaction will be used to reduce debt and further strengthen the balance sheet, the company said.
“As part of our long-term strategy, we are focused on simplifying the business and allocating capital to the areas with the strongest strategic fit. The transaction enables us to sharpen our focus on core assets and enhance financial flexibility,” said Austin Singleton, executive chairman at OneWater. “We expect to use the $50 million of proceeds to pay down debt, putting us on track to bring net leverage below 4.0x by our fiscal year end. This prepayment will generate approximately $3.5 million of annual interest expense savings, strengthening cash flow. While we have not changed our view on the market in 2026, we have updated our guidance to reflect the impact of the sale.”
OBCI manufactures, markets and distributes specialty chemical products under Star brite, Star Tron, Odor Star, Performacide and other brand names. In addition, OBCI provides private label production, blending, and packaging for many of its products. Ocean Bio-Chem is based in Ft. Lauderdale, Florida, with a manufacturing plant in Montgomery, Alabama. OneWater acquired OBCI in August 2022.
Fiscal Year 2026 Guidance
The company is updating its previously issued fiscal full year 2026 outlook to reflect the impact of the transaction, the company said in a release. For fiscal full-year 2026, OneWater anticipates the industry to be flat to down low single digits year over year based on recent industry trends. When factoring in the lost revenue from exited brands, the company expects dealership same-store sales to be flat year over year and total revenue to be in the range of $1.78 billion to $1.88 billion. Adjusted EBITDA is expected to be in the range of $60 million to $80 million and adjusted diluted earnings per share is expected to be in the range of $0.20 to $0.70.
