OneWater Buys Denison Yachting

The American boating industry was rocked this morning by the latest industry consolidation as it was announced that OneWater (NASDAQ: ONEW) has reached an agreement to acquire Denison Yachting.  Denison has 21 offices in the U.S. and its brokerage business handles vessels from 25’ (7.62 m) to some of the largest superyachts. It is reported that last year Denison Yachting sold yachts with a total value of nearly a billion dollars. Denison’s top line was reportedly $80 million.

In an exclusive interview this morning with BoatTEST, Bob Denison said that now his company will have access to OneWater’s "brain trust" which has some of the most creative and business savvy minds in the business. It will also give Denison Yachting access to capital markets to fund his aggressive expansion plans

OneWater’s acquisition will expand the company’s presence into the superyacht category and ancillary yacht service offerings, in addition to yacht brokerage and new boat sales. The transaction is expected to close in the company’s fiscal third quarter. 

Some of the immediate benefits for One Water (NASDAQ: ONEW) listed in its press release this morning are —

•  Extends OneWater’s geographic footprint, adding 21 locations across 7 states, allowing for additional market share gains
•  Expected to be immediately accretive to top-line growth, operating margin and earnings per share 
•  Denison is #1 in worldwide superyacht sales and expands capabilities in yacht brokerage, yacht charter, yacht management and crew services
•  Further advances OneWater’s growth and diversification strategy, significantly bolstering product portfolio and customer reach.

OneWater’s Aggressive Move

“We are thrilled to welcome Bob Denison and his team into the OneWater family, which expands and strengthens our presence in the superyacht and smaller yacht categories,” said Austin Singleton, Chief Executive Officer for OneWater. "As we move through the second fiscal quarter, we continue to capitalize on record demand and a growing backlog." 

“Orders at the Miami Boat show were off the charts for both OneWater and Denison, which underscore our combined position as the premier marine retailer of choice from superyachts to traditional boat sales, parts and service,” Singleton said. “We look forward to enhancing our leadership position in the market in the coming years.”

OneWater Keeps Local and Family Identities

Bob Denison told us that he thinks one of the most important differences between OneWater’s approach to dealer consolidation is that rather than changing the names and management structure of the boat dealerships it has purchased, it retains their names and identity.  Most dealerships were started as mom-and-pop businesses and survived the Great Recession of 2009-2012 because of customer loyalty, the families and management engendered by providing an excellent customer experience.  

“By maintaining the personal relationships with customers, rather than imprinting them with a large corporate brand, OneWater is able to set itself apart,” said Bob Denison.  He added that he will continue to be the President of Denison Yachting and that it will be business as usual, only even more aggressive than in the past.

Denison Yachting Leads in 80’+ Yacht Sales

In addition to pre-owned yacht sales, Denison Yachting is also an authorized dealer for a number of prestigious brands including Bertram, Beneteau Sailing Yachts, Beneteau Express GT’s, Swift Trawlers, Monte Carlo Yachts, Numarine, Alpha Marine and Excess Catamarans. Each brand has its own geographic franchised territories.  

Marketing Genius 

Denison’s strong sales are supported by a 12-person in-house marketing team that focuses on creative ways to reach consumers. Early in the company’s brokerage development, Denison focused on placing content on his website that would score high on search engines to bring consumers to his website. He also makes excellent videos of many of the boats that he markets and places them on YouTube and social media. 

Denison Yachting is a strong supporter of BoatTEST and all of its listings appear in BoatTEST's “Pre-Owned Yachts” section.

In 2020, Denison launched the first-of-its-kind Owner’s Dashboard, a popular new tool for yacht owners and listing brokers alike. The dashboard gives clients the ability to monitor their listing’s marketing performance, including website views, email clicks, social media engagement and YouTube analytics. Denison said, “This tool allows us to provide full transparency on the marketing side of selling your yacht”.

About OneWater Marine Inc. 

OneWater Marine Inc. is one of the largest and fastest-growing premium marine retailers in the United States. OneWater operates a total of 75 retail locations, 10 distribution centers/warehouses and multiple online marketplaces in 16 different states, several of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, finance and insurance products.