M&A · Industrials · Specialty Cleaning, Polishing and Sanitation Preparations
OneWater Marine Inc. to acquire Ocean Bio Chem Inc
Announced Jun 22, 2022 · Closed Aug 9, 2022
Deal value$124MEV $122M
Premium120.9%To unaffected price
EV / Adj. EBITDA10.2x1.9x EV / Revenue
ConsiderationAll cash$13.08 per share
Transaction
- Acquirer
- OneWater Marine Inc. (ONEW)
- Target
- Ocean Bio Chem Inc
- Buyer type
- Strategic
- Offer price per share
- $13.08
- Enterprise value
- $122M
- Status
- Closed Aug 9, 2022
Deal protections
- Break fee (target pays)
- $3.4M · 2.7%
- Reverse fee (buyer pays)
- $5.0M · 4.0%
- Go-shop
- —
- Financing
- Committed · Truist Securities
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
Sector context · Industrials
- Comparable deals
- 68 in the prior 24 months
- Premium
- 120.9% vs. 47.0% sector median
- EV / Adj. EBITDA
- 10.2x vs. 11.1x sector median
- Break fee
- 2.7% vs. 2.8% sector median
Timeline
- AnnouncedJun 22, 2022
- Proxy filedJul 1, 2022
- Definitive proxyJul 11, 2022
- Shareholder vote—
- ClosedAug 9, 2022
Valuation · fairness opinions
Trading comparables$10.54$12.58
Trading comparables$10.96$13.58
Trading comparables$10.78$13.69
Precedent transactions$11.05$13.09
Discounted cash flow$10.73$14.02
Offer $13.08
Implied value per Ocean Bio Chem Inc share by analysis, from Houlihan Lokey · DCF discount rate 12%–14%.