Buford-based OneWater Marine Inc. has completed the sale of Ocean Bio-Chem Holdings, Inc. (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.
“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,” commented Austin Singleton, Executive Chairman at OneWater. “We expect to use the $50 million of proceeds to pay down debt,” while generating about $3.5 million in annual interest expense savings, strengthening cash flow.
OBCI manufactures, markets, and distributes specialty chemical productsand is based in Ft. Lauderdale, Fla., with a manufacturing plant in Montgomery, Ala. OneWater acquired OBCI in August 2022.