The Signal: OneWater — a premium boat retailer with 63 stores in the US and 2019 revenue of $768m — recently filed its pre-IPO S-1 forms and officially went public on February 11.

Per the filing, OneWater serves “customers whose boating preferences span from general recreation and cruising to fresh and saltwater fishing to watersports, including wakeboarding and wake surfing.”

The firm is going to the public markets with compelling industry growth numbers (2018 latest info):

  • In 2018, the consumer spend on boats, engines, services, parts, and related purchases reached ~$42B, a compound annual growth rate (CAGR) of 5% from 2010
  • Within these sales, powerboat sales reached ~$11B in 2018, a CAGR of 13% from 2010; looking at powerboat units, the number sold in 2018 reached 207k (a CAGR of 5% from 2010)