OneWater announced that it has completed the sale of Ocean Bio-Chem Holdings as part of its broader portfolio optimization strategy focused on core assets and long-term value creation. The company said proceeds from the transaction will be used to reduce debt and further strengthen the 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,” OneWater executive chairman Austin Singleton said in a statement. “We expect to use the $50 million of proceeds to pay down debt, putting us on track to bring net leverage below 4.0x by our fiscal year end. This prepayment will generate approximately $3.5 million 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.”
Ocean Bio-Chem manufactures, markets and distributes specialty chemical products under Star brite, Star Tron, Odor Star, Performacide and other brand names. It also provides private-label production, blending and packaging. The company is based in Fort Lauderdale, Fla., with a manufacturing plant in Montgomery, Ala. OneWater acquired Ocean Bio-Chem in August 2022.
