Winnebago acquires Barletta Pontoon Boats
Winnebago Industries, an outdoor lifestyle product manufacturer, has acquired pontoon boat manufacturer Barletta.
The acquisition brings Winnebago, based in Forest City, Iowa, an entry into the lucrative US pontoon boats market. In June 2018 Winnebago purchased premium powerboat maker Chris-Craft Corp. for an undisclosed amount, and this latest acquisition will see the company create a new marine division with Chris-Craft.
Winnebago reported an annual revenue of $2.4 billion, up 18.6% from the previous year, in its most recent fiscal year ending August 2020.
Winnebago Industries’ Chief Executive Michael Happe commented:
“The acquisition of Barletta significantly expands Winnebago Industries’ presence in the strong and growing marine market by acquiring the fastest growing brand within one of the most rapidly growing boating segments.
“Barletta’s premium, innovative pontoon boats are a natural fit with our broader brand portfolio, with shared appeal among families looking to create great experiences and memories on land or on water. Barletta’s commitment to quality, innovation and service – the same golden threads that unite all Winnebago Industries brands – and strong relationships with its dealer partners, has driven tremendous growth, enabling Barletta to become a rising force in the industry in a short period of time.
“We look forward to leveraging our operational excellence, functional resources and proven expertise in nurturing and growing outdoor lifestyle brands to fuel the organic expansion of Barletta’s product line, market share and margins. We are excited to welcome Barletta’s talented employees to the Winnebago Industries team and believe this transaction positions us well to deliver enhanced growth and significant value creation for employees, customers and shareholders.”
Michael Happe – Winnebago Industries' Chief Executive
Barletta, founded in 2017 by Bill Fenech, is a privately-owned company manufacturing a portfolio of premium pontoon boats and has a network of 125 dealer locations across the U.S. and Canada, with 300 employees. The company recently opened a new manufacturing facility in Bristol, Indiana, to add production capacity and scale to better meet the demands of its continued growth. Barletta had annual revenue of $120.6 million in 2020 and profits of $10.5 million. The company expects to double profits this year, with revenue at about $214.6 million.
Bill Fenech commented:
“Today is an exciting day for Barletta, as Winnebago Industries’ track record of cultivating premium outdoor lifestyle brands will allow us to further accelerate our growth, expand our offerings, and gain greater share of the pontoon boat market segment.
“Our shared values and dedication to creating exceptional outdoor experiences make Winnebago Industries an ideal owner and partner for us. We look forward to continuing to innovate and deliver the highest-quality products, unrivaled customer experience, and win-win partnerships with our dealers as Barletta grows within the Winnebago Industries portfolio.”
Bill Fenech – Barletta Pontoon Boats President and Founder
About Winnebago Industries About Barletta
Following the close of the transaction, Barletta will operate as a distinct business unit within Winnebago Industries, and its manufacturing facilities will remain in Bristol, Indiana. Bill Fenech will continue to lead the Barletta business post-closing as its President.
Winnebago Industries, Inc. announced that it has entered into a definitive agreement to acquire Barletta Pontoon Boats (“Barletta”) for an initial consideration of $255 million in cash and newly-issued Winnebago Industries shares, plus up to $15 million in Winnebago Industries shares upon the achievement of performance milestones at the end of calendar 2021. Certain growth objectives, if achieved through calendar years 2022 and 2023, provide the opportunity for up to $50 million in additional cash consideration.