OneWater Marine has signed an agreement to purchase Garden State Yacht Sales in Point Pleasant Beach, N.J. The move expands OneWater’s footprint in the Mid-Atlantic market.
“We continue to execute our strategic growth objectives with the addition of Garden State Yacht Sales, a premium dealership and marina location,” OneWater CEO Austin Singleton said in a statement. “Garden State’s prime location complements our position in the Mid-Atlantic U.S. as we continue to build our footprint and suite of offerings in this attractive boating market. While the opportunities have been plentiful in the current market environment, we remain optimistic yet disciplined in our approach to M&A.”
Under the terms of the agreement, OneWater will acquire the net assets of the Garden State operation, including inventory, for minimal capital outlay. Garden State generated approximately $14 million in sales in 2023.
Garden State is a full-service marina and dealership offering such brands as Bennington, Cobia, Everglades, Pathfinder, Twin Vee, Aquasport and Pursuit. The dealership also offers maintenance and repairs, winterization and storage.
