Onewater Marine (ONEW)

History and Background

Onewater Marine was founded in 2014 through the combination of several leading marine dealerships. It has grown through acquisitions and organic growth to become one of the largest marine retailers in the United States.

Core Business Areas

• New Boat Sales: Sales of new recreational boats, including various brands and models, from fishing boats to cruisers and yachts. Onewater Marine offers a wide selection to meet different customer preferences and needs.
• Pre-Owned Boat Sales: Sales of pre-owned boats, providing customers with more affordable options. Onewater Marine conducts inspections and reconditioning of used boats before offering them for sale.
• Parts and Service: Provides parts, accessories, and maintenance services for boats. Onewater Marine has certified technicians and service centers to ensure quality service.
• Finance and Insurance: Offers financing and insurance options to customers to facilitate boat purchases. Onewater Marine works with various lenders and insurance providers.

Leadership and Structure

The leadership team includes Austin Singleton (CEO), Anthony Aisquith (President), and John Condon (CFO). The organizational structure consists of regional management teams overseeing dealerships across the country.

Key Offerings

• New Boats: Sales of new boats from a diverse range of manufacturers. Exact market share data is difficult to pinpoint for Onewater alone but the new boat market is highly competitive. Competitors include MarineMax and Bass Pro Shops/Tracker Marine. Revenue can be estimated based on total revenue and boat sales percentages reported in earnings reports.
• Used Boats: Sales of pre-owned boats, offering budget-friendly options. Market share data on used boats is fragmented. Competitors are local dealerships and private sellers. Revenue can be estimated based on total revenue and boat sales percentages reported in earnings reports.
• Service & Parts: Provides a wide variety of essential maintenance, repairs, and upgrades, catering to boat owners' needs and ensuring optimal performance and longevity of their vessels. Competitors include local mechanics and other service shops. Revenue can be estimated based on total revenue and service & parts revenue percentages reported in earnings reports.

Industry Overview

The recreational boating industry is cyclical and dependent on consumer confidence and disposable income. Growth is driven by new product innovations, increased interest in water sports, and aging boat fleets.

Positioning

Onewater Marine is one of the largest retailers in the U.S., with a broad geographic footprint and a diverse product portfolio. Its competitive advantages include scale, established brand relationships, and integrated service offerings.

Total Addressable Market (TAM)

The TAM for recreational boating in the US is estimated to be around $60 billion annually. Onewater Marine is well-positioned to capture a significant portion of this market through its diverse product offerings and extensive dealership network.

Key Competitors

• HZO
• MCFT
• BC

Competitive Landscape

Onewater Marine competes on price, product selection, and service quality. Its advantages include scale and geographic reach. Its disadvantages include exposure to economic cycles and reliance on acquisitions.

Nautical Ventures Group

• Year: 2022
• Acquisition Price (USD millions): 60
• Strategic Rationale: Expansion into the South Florida market and diversification into higher-end boat models.

Historical Growth: Onewater Marine has experienced significant growth through acquisitions and same-store sales increases. Historical growth has been influenced by economic conditions and consumer confidence.

Future Projections: Future growth is expected to be driven by continued acquisitions, expansion into new markets, and increasing penetration of service and parts business. Analyst estimates are based on these factors.

Recent Initiatives: Recent strategic initiatives include acquisitions of new dealerships, expansion of service centers, and investments in digital marketing.

Onewater Marine is a strong player in the recreational boat retail market, with a large scale and diverse product portfolio. Its growth is driven by acquisitions and organic sales increases. However, the company is exposed to economic cycles and faces integration risks associated with acquired dealerships. Onewater needs to manage its inventory and acquisition strategy carefully.

Data Sources:

• Company Filings (SEC)
• Industry Reports
• Analyst Estimates
• Company Website

Disclaimers:

The information provided is for informational purposes only and should not be considered financial advice. Market share data is approximate and based on publicly available information. Investment decisions should be made based on individual research and consultation with a financial advisor.