Winnebago Industries, Inc. completed the acquisition of Barletta Boat Company LLC.
August 30, 2021
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Winnebago Industries, Inc. (NYSE:WGO) entered into a definitive agreement to acquire Barletta Boat Company LLC for approximately $330 million on July 20, 2021. The consideration of $240.1 million will be paid in cash, $25 million in newly issued Winnebago shares, an additional $15 million in Winnebago shares upon the achievement of performance milestones at the end of calendar year 2021 and further cash payments of up to $50 million upon the achievement of certain performance milestones in calendar years 2022 and 2023. The consideration of $255 million will be funded with $230 million in cash on hand and $25 million in newly issued Winnebago Industries stock. Barletta generated revenues of $120.6 million, net income of $9.8 million and EBITDA of $10.5 million in year 2020. Bill Fenech will continue to lead the Barletta business post-closing as its President. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close early in Winnebago Industries' first quarter of Fiscal 2022. The transaction is expected to be accretive to Winnebagos cash earnings per share starting in the first year after closing and will also be accretive to EBITDA margins. Lazard served as exclusive financial advisor and Faegre Drinker Biddle & Reath LLP as legal advisor of Winnebago. Robert W. Baird & Co. Incorporated acted as financial advisor to Barletta Boat Company, LLC in the transaction.
Winnebago Industries, Inc. (NYSE:WGO) completed the acquisition of Barletta Boat Company LLC on August 31, 2021.
Winnebago Industries, Inc. manufactures recreation vehicles (RVs) and marine products with a diversified portfolio used primarily in leisure travel and outdoor recreational activities. It also designs and manufactures advanced battery solutions that deliver house power, supporting internal electrical features and appliances for a range of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. It produces its towable RV units in Indiana; its motorhome RV units in Iowa and Indiana; its marine units in Indiana and Florida, and its battery solutions in Florida. Its products are offered under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. Its segments include Grand Design towables, Winnebago towables, Winnebago motorhomes, Newmar motorhomes, Chris-Craft marine, Barletta marine, Winnebago specialty vehicles and Lithionics.