Wells Fargo Commercial Distribution Finance, part of Wells Fargo & Company announced that it has expanded the financing facility for OneWater Marine Holdings, LLC to provide for borrowings of up to $200 million. This facility, along with supporting OneWater’s organic growth, helped to facilitate the recently announced acquisition of South Shore Marine in Huron, Ohio.
Borrowings under the facility are secured primarily by OneWater’s inventory that is financed through the facility and related accounts receivable. Wells Fargo CDF serves as the agent of the facility that also includes several lenders as part of the syndicate.
“OneWater has been on a remarkable growth trajectory through acquisitions and organic expansion. We are pleased to support their business plan by funding their inventory purchases from many quality manufacturers,” said Bruce Van Wagoner, Wells Fargo CDF marine group president. “We realize the importance of strong financial backing and the connection it has to an overall successful business.”
“We are extremely pleased that Wells Fargo, and syndicate banks, recognize our business strengths and continue to support our acquisitions,” said Austin Singleton, CEO of OneWater. “OneWater has aggressive plans to grow the business and our financial partners and manufacturer partners are critical to our success.”