Ocean Bio-Chem, Inc. (NASDAQ: OBCI) is engaged in the manufacturing, marketing and distribution of performance and maintenance products for boats, autos, power sports, and recreational vehicles. Shares of the marine power equipment company are skyrocketing 117% through early trading on Wednesday, June 22, 2022. Over the past three months, Ocean Bio-Chem has seen average daily volume of 10,740 shares. However, volume of 466,622 shares or dollar volume of around $6 million, has already exchanged hands through early trading.
Shares of Ocean Bio-Chem are soaring after the company announced that it has entered into a definitive agreement to be acquired by OneWater Marine, Inc. (NASDAQ: ONEW), a premium marine retailer based across the United States. OneWater Marine operates 96 retail locations and 10 distribution centers across 20 states.
Under the terms of the agreement, OneWater Marine will acquire all outstanding shares of Ocean Bio-Chem at a price per share of $13.08 in all cash. This gives the takeover transaction a total value of around $125 million.
OneWater Marine will gain access to OBCI’s strong line of products, such as Star brite, Star Tron, Odor Star, Performacide, and more. This includes OBCI’s manufacturing plant in Montgomerly, AL and its international distribution business. The transaction is estimated to close by September 30, 2022 and will be subject to customary conditions and regulatory approval.
Austin Singleton, Chief Executive Officer for OneWater Marine: “With OBCI’s strong customer relationships, coupled with OneWater’s robust portfolio of products and direct-to-consumer channels, we have an enormous opportunity to extend our reach and expand our parts and accessories business. We also see significant potential to drive further margin expansion as we capture operational efficiencies across the platform. Further, OBCI’s private label consumable products for OneWater dealers will drive deeper customer engagements.”
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