Winnebago acquires Barletta Pontoon Boats

USA
22nd July 2021

Winnebago acquires Barletta Pontoon Boats

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:

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:

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.

About Winnebago Industries About Barletta

Deal Summary

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.

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