PHILADELPHIA, June 22, 2022: Morgan Lewis is representing Ocean Bio-Chem Inc. (OBCI) in its sale to OneWater Marine Inc. Per the terms of the agreement, OneWater will acquire OBCI for $13.08 per share, in an all-cash transaction valued at approximately $125 million.
OBCI manufactures, markets, and distributes appearance and maintenance products for the marine, automotive, power sports, recreational vehicle, and outdoor power equipment markets throughout the United States and Canada. OneWater is one of the largest premium marine retailers in the United States operating a total of 96 retail locations, 10 distribution centers/warehouses, and multiple online marketplaces in 20 different states.
Morgan Lewis partner Justin Chairman and associate Michael Brown are advising OBCI, along with partners Adam Prince, Harry Robins, Justin Cupples, and Paul Gordon, of counsel Kathleen Martin, and associates Rachel Barnes, Harrison Haas, and Jose Robles.