Winnebago Industries completes the acquisition of Barletta
EDEN PRAIRIE, Minnesota, Aug.31, 2021 (GLOBE NEWSWIRE) – Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor products, today announced that it has completed the previously announced acquisition of Barletta Pontoon Boats (“Barletta”), the industry’s fastest growing premium pontoon boat manufacturer. Consideration paid included $ 255 million in cash and shares of Winnebago Industries. Winnebago Industries will pay an additional $ 15 million in shares of Winnebago Industries, subject to Barletta meeting performance milestones at the end of calendar year 2021. As previously announced, certain growth targets, if met in calendar years 2022 and 2023, offer the possibility of up to $ 50 million in additional cash consideration.
“This acquisition of Barletta expands Winnebago Industries’ marine platform into one of the fastest growing yachting segments, advancing our continued evolution into a leading lifestyle company in outdoors and is expected to generate significant financial accumulation, ”commented Michael Happe, President of Winnebago Industries and Chief Executive Officer. “Barletta’s commitment to quality, innovation and service, in addition to their strong dealer relationships, has enabled them to become the fastest growing pontoon boat manufacturer in the industry and in fact a natural part of our portfolio. We are delighted to be working with the talented team at Barletta and their high quality reseller partners to bring our now extensive portfolio of premium products to families looking to create stunning outdoor experiences on land or on the water and generate new growth opportunities and significant value creation for our employees and shareholders.
Lazard acted as exclusive financial advisor to Winnebago Industries and Faegre Drinker Biddle & Reath LLP as legal advisor.
About Winnebago Industries
Winnebago Industries, Inc. (NYSE: WGO) is a leading North American manufacturer of outdoor products under the Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta brands, which are primarily used in leisure travel and outdoor activities. The company builds motor homes, travel trailers, fifth wheel products, boats and convenience commercial vehicles. Winnebago Industries has several facilities in Iowa, Indiana, Minnesota and Florida. To access Winnebago Industries investor relations material or to add your name to an automatic mailing list for company press releases, visit http://investor.wgo.net.
About Barletta pontoon boats
Headquartered in Bristol, Indiana, Barletta Pontoon Boats is a premium pontoon boat manufacturer whose focus on innovative, high-quality products, unmatched customer experience and strong dealer relationships have propelled its rapid growth. since its creation in 2017. Today, Barletta is the fastest. -Growing company in the pontoon segment with over 300 dedicated employees and an extensive network of dealer partners across the United States and Canada. Visit barlettapontoonboats.com for more information.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to, competition and the introduction of new products by competitors, our ability to attract and retain qualified personnel, increases in market rates of remuneration, business or production interruptions, sales order cancellations, risk related to the terms of our credit agreement and compliance with restrictive covenants and leverage ratios, volatility of the stock prices and dilution of stocks, disruption or unforeseen costs due to expansion of facilities, availability of labor, economic slowdown, low consumer confidence, effect of global tensions, increases in interest rate, availability of credit, availability of financing for recreational and marine vehicle dealers, goodwill depreciation, r isk linked to the cyclicality and seasonality of our activities, slower-than-expected sales of new or existing products, the integration of operations relating to merger and acquisition activities in general, the possibility y that the acquisition of Barletta may not occur as expected or may not result in growth in profits, difficulties and expenses related to the integration of Barletta into our business, possible unknown liabilities of Barletta, significant costs associated with the acquisition of Barletta, increased attention and resources of management on the acquisition of Barletta, insufficient liquidity or capital resources, management of inventory and distribution channels, our ability to innovate, our dependence on large dealer organizations, the significant increase in buy-back obligations, the availability and price of fuel, the availability of chassis and other key components, has increased costs of materials and components, exposure to warranty claims, ability to protect our intellectual property, exposure to product liability claims, reliance on information systems and web applications, data security risk, government regulation including climate change and anti-acquisition risk applicable to us. Additional information regarding certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested is contained in documents filed by the Company with the Securities and Exchange Commission (SEC) in the past 12 months, copies of which are available from the SEC or the Company upon request. The Company disclaims any obligation or commitment to disseminate any update or revision of any forward-looking statement contained in this press release or to reflect any change in the expectations of the Company after the date of this press release or any change in events, conditions or circumstances. on which any statement is based, except as required by law.