FORT LAUDERDALE, Fla. — Brownie’s Marine Group, a designer and distributor of recreational diving products, has entered into a non-binding letter of intent to purchase the real estate and substantially all of the assets of U.S. 1 Scuba Inc., a traditional owner/operator “SCUBA” store located in Pompano Beach, Fla.
The transaction is expected to close on or before July 30, 2011.
This acquisition will mark the first step in the implementation of the strategic plan for Brownie’s Marine that will expand its offerings to serve a larger customer base. Pompano Beach currently has 6 dive stores servicing an active SCUBA community and zero Brownie representation.
“We are thrilled to be adding U.S. 1 Scuba to the Brownie’s Group. This acquisition gives Brownie’s the ability to prove its vertically integrated model and demonstrate that offering diving solutions at every level will create sufficient margins to initiate a paradigm shift in these niche markets,” said Robert Carmichael, Chairman and CEO of Brownie’s Marine Group. “Expanding our suite of products, training and adventure travel to a broader range of outdoor sports enthusiasts will create an improved experience for the consumer, and provide multiple revenue streams for our company that are well beyond those that typical dive stores depend on.”