Winnebago Industries, Inc. has completed its previously announced acquisition of Barletta Pontoon Boats, the industry’s fastest-growing, premium pontoon boat manufacturer.
Winnebago paid $255 million in cash and stock to acquire Barletta. Winnebago will pay an additional $15 million in Winnebago Industries shares, contingent upon Barletta’s achievement of performance milestones at the end of calendar 2021.
As previously announced, certain growth objectives, if achieved through calendar years 2022 and 2023, provide the opportunity for as much as $50 million in additional cash consideration.
“This acquisition of Barletta extends Winnebago Industries’ marine platform into one of the fastest-growing boating segments, advances our ongoing evolution into a premier outdoor lifestyle company, and is expected to drive significant financial accretion,” said Michael Happe, Winnebago Industries president and CEO. “Barletta’s commitment to quality, innovation and service in addition to their strong dealer relationships has allowed them to become the fastest-growing pontoon boat manufacturer in the industry and makes them a natural fit into our portfolio. We are excited to work with the talented Barletta team and their high-quality dealer partners to bring our now extended portfolio of premium products to families looking to create great outdoor experiences on land or on water and drive new growth opportunities and significant value creation for our employees and shareholders.”
Lazard acted as the exclusive financial advisor to Winnebago Industries and Faegre Drinker Biddle & Reath LLP served as legal advisor.
