OneWater Marine Inc. ($ONEW): The Beauty of a Roll-up Strategy

In a Nutshell

• ONEW is one of the US’s largest marine dealership groups and is working on the consolidation of the sector.

• The situation presents the key ingredients for a successful roll-up strategy: highly fragmented industry, proven operational playbook, seasoned management and financial resources.

• The recent evolution is promising and ONEW seems to be successfully implementing the roll-up strategy: growing the acquired businesses, smoothly integrating them and generating scale economies.

• The group is profitable, generates strong FCF, keeps a healthy capital structure and trades at attractive multiples.

• Though its demand seems to remain resilient, there are some headwinds/risks that could slow down in the short run its recent performance but probably its strategy will keep thriving in the long run.

(it is recommended to read this post directly in Substack since it is too long for email and might be truncated)

Introduction: What OneWater Marine Inc. (ONEW) does?

ONEW, in short, is the owner …