OneWater Marine is one of the largest recreational boat retailers in the U.S., operating 95 dealerships across 17 states. The company sells new and pre-owned boats primarily in the premium segment — covering fishing boats, pontoons, runabouts, wake/ski boats, and yachts — across 50+ brands from 35+ manufacturers. OneWater sells directly to consumers through its dealerships, supported by boat shows, digital platforms, and in-water demonstrations. Beyond boat sales, each dealership also offers financing and insurance (F&I) products, repair and maintenance services, and parts and accessories. New boat sales represent the largest share of revenue, but non-boat revenue (F&I and service/parts) generates a disproportionate share of gross profit due to higher margins. OneWater also operates a Distribution segment (~8% of revenue) through three subsidiaries — T-H Marine, Ocean Bio-Chem, and PartsVu — which manufacture and distribute marine hardware, appearance products, and parts to boat manufacturers, big-box retailers, and online platforms. OneWater funds boat inventory through floor plan financing, so interest rates and inventory turn velocity directly impact profitability. The company has grown primarily through acquisitions, completing 35 since 2014, and deliberately retains acquired dealerships' local brand names post-acquisition. In the near term, management has paused acquisitions to focus on debt reduction, with net leverage currently around 5x trailing EBITDA.