OneWater sells off Ocean Bio-Chem business
OneWater acquired the Ocean Bio-Chem business in August 2022. Photo courtesy of TH Marine
US marine retailer OneWater Marine has completed the sale of its Ocean Bio-Chem Holdings business to to Recochem Inc, for $50m.
Ocean Bio-Chem is a cleaning product firm that manufactures, markets and distributes specialty chemical products under Star Brite, Star Tron, Odor Star, Performacide and other brand names. The business also provides private label production, blending and packaging services.
Ocean Bio-Chem is based in Ft. Lauderdale, Florida, with a manufacturing plant in Montgomery, Alabama. OneWater acquired the business in August 2022.
OneWater has updated its fiscal full year 2026 guidance to reflect the impact of the transaction, stating that proceeds from the sale will be used to reduce debt and strengthen its 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,” says Austin Singleton, executive chair at OneWater.
“We expect to use the $50m of proceeds to pay down debt, putting us on track to bring net leverage below 4x by our fiscal year end. This prepayment will generate approximately $3.5m 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.”
The company anticipates industry performance to be flat to down low single digits year over year, based on recent trends. After accounting for revenue associated with exited brands, dealership same-store sales are expected to be flat year over year. Total revenue is projected to be between $1.78bn and $1.88bn. Adjusted EBITDA is expected to fall within a range of $60m to $80m, while adjusted diluted earnings per share is forecast to be between $0.20 and $0.70.
OneWater Marine Inc. operates 95 retail locations, six distribution centres and warehouses, and several online marketplaces across 18 states in the US. Its activities include the sale of new and pre-owned boats, finance and insurance products, parts and accessories, as well as maintenance, repair and other services.
