OneWater to Acquire Majority Stake in Quality Boats
Quality Boats offers four locations along the west coast of Florida.
OneWater Marine Inc. announced that it has entered into a definitive agreement to acquire a majority stake in Quality Boats. The transaction will expand the company’s presence on the West Coast of Florida and enhance new and used boat sales as well as parts and service offerings. For calendar year 2021, Quality Boats is expected to generate approximately $140 million in sales and $20 million in EBITDA. The transaction should be immediately accretive for OneWater.
“We couldn’t be more delighted to welcome the Quality Boats team to the OneWater family. Their significant presence in one of the hottest boating markets in the United States and their commitment to quality are just a few of the reasons why Quality Boats is an award-winning dealership group and a fantastic complement. for the OneWater family,” said Austin Singleton, Managing Director. OneWater officer. “I am personally delighted to welcome my longtime friends, Dave and Dan Bair, to the OneWater team, and look forward to the exciting future of our business.”
“Growing up in Clearwater, Florida, I always viewed Quality Boats as a fierce and respected competitor in the marketplace,” said Anthony Aisquith, COO of OneWater. “Their reputation for taking care of customers through their well-trained sales and service teams is second to none. Dave and Dan Bair are fantastic operators and are highly regarded as leaders within the marine industry. I am delighted to working with long-time friends and looking forward to seeing the possibilities our combined operations will generate in the future.
Quality Boats’ many accolades include being recognized by the National Marine Manufacturers Association as one of the world’s top dealerships in overall customer satisfaction. Additionally, Quality Boats was named Nautical industry‘s Top 100 Dealer of the Year in 2020 and 2019. It is also the main dealer for several of its major brands for the 2021 model year, including:
- World’s Number One Grady White Distributor;
- Number one Pursuit stockist worldwide;
- Regal’s world number two; and,
- Tiara’s number two sole reseller worldwide.
Dave Bair, co-owner of Quality Boats, said: “We are equally delighted to join the OneWater family, a group of dealers we have admired for many years. It’s an exciting time in the marine industry, and we’re proud to join forces with OneWater to further develop the goals and vision our father set out nearly 50 years ago.
Family-owned and operated since its founding by Ted Bair in 1973, Quality Boats operates four locations on Florida’s west coast, including Clearwater, Clearwater Beach, Sarasota and Englewood. Quality Boats premier service offering includes factory-certified, factory-trained technicians and top-notch facilities. It operates a strategic waterfront service department on the Gulf side of Clearwater, providing customers with a convenient and efficient service experience. Quality Boats is an exclusive authorized dealer for major boating brands including Grady-White, Pursuit, Regal, Tiara, Crevalle and Sea Pro.
The transaction is expected to close within the next 90 days and is subject to customary and customary closing conditions. OneWater is expected to acquire an 80% stake in Quality Boats, while sellers David and Dan Bair will retain the remaining stake. OneWater has obtained an option to acquire the remaining 20% interest at a stated price, and at its sole discretion, for a period of five years.