OneWater Marine Inc. announced it has launched an underwritten public offering of 3,170,868 shares of its Class A common stock.
OneWater intends to use the net proceeds of this offering for working capital and general corporate purposes, including the expansion of its business and general and administrative matters. OneWater will not receive any of the proceeds from the sale of shares by the selling stockholders.
Truist Securities, Baird and Raymond James are acting as joint book-running managers for the proposed offering. KeyBanc Capital Markets and Stifel are acting as co-managers for the proposed offering.
Preliminary Financial Results for the Quarter-to-Date ended August 31, 2020
OneWater also announced preliminary financial results for the fourth quarter-to-date ended August 31, 2020, which is included in the preliminary prospectus in the registration statement filed by the company in connection with the proposed offering.
Based upon preliminary financial information for the quarter-to-date ended August 31, 2020, OneWater estimates that revenue increased in excess of 20% and consolidated same-store sales increased in excess of 17% compared to the same period in the prior year.
In addition, the company has also achieved a solid improvement in gross margins in the fiscal fourth quarter-to-date period ended August 31, 2020, over the prior year comparable period.