Winnebago Industries Completes Acquisition of Barletta Pontoon Boats
August 31 2021 - 4:30PM
Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle
product manufacturer, today announced that it has completed its
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
Winnebago Industries shares. Winnebago Industries 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 up to $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,”
commented Michael Happe, Winnebago Industries President and Chief
Executive Officer. “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.
About Winnebago IndustriesWinnebago Industries, Inc. (NYSE:
WGO) is a leading North American manufacturer of outdoor lifestyle
products under the Winnebago, Grand Design, Chris-Craft,
Newmar and Barletta brands, which are used primarily in leisure
travel and outdoor recreation activities. The Company builds
quality motorhomes, travel trailers, fifth wheel products, boats
and commercial community outreach vehicles. Winnebago
Industries has multiple facilities in Iowa, Indiana, Minnesota
and Florida. For access to Winnebago Industries' investor
relations material or to add your name to an automatic email list
for Company news releases, visit http://investor.wgo.net.
About Barletta Pontoon BoatsHeadquartered in Bristol, Indiana,
Barletta Pontoon Boats is a premium pontoon boat manufacturer whose
focus on high-quality, innovative products, unrivaled customer
experience and strong dealer relationships have propelled its rapid
growth since it was founded in 2017. Today, Barletta is the
fastest-growing company in the pontoon segment with over 300
dedicated employees and an expansive network of dealer partners
across the United States and Canada. Visit barlettapontoonboats.com
for more information.
Forward Looking Statements
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 new product introductions by competitors, our ability to
attract and retain qualified personnel, increases in market
compensation rates, business or production disruptions, sales order
cancellations, risk related to the terms of our credit agreement
and compliance with debt covenants and leverage ratios, stock price
volatility and share dilution, disruptions or unanticipated costs
from facility expansions, availability of labor, a slowdown in the
economy, low consumer confidence, the effect of global tensions,
increases in interest rates, availability of
credit, availability of financing for RV and marine dealers,
impairment of goodwill, risk related to cyclicality and seasonality
of our business, slower than anticipated sales of new or existing
products, integration of operations relating to merger and
acquisition activities generally, the possibility that the Barletta
acquisition may not perform as expected or may not result in
earnings growth, difficulties and expenses related to integrating
Barletta into our business, possible unknown liabilities of
Barletta, significant costs related to the Barletta acquisition,
increased focus of management attention and resources on the
Barletta acquisition, inadequate liquidity or capital resources,
inventory and distribution channel management, our ability to
innovate, our reliance on large dealer organizations, significant
increase in repurchase obligations, availability and price of fuel,
availability of chassis and other key component parts, increased
material and component costs, exposure to warranty claims, ability
to protect our intellectual property, exposure to product liability
claims, dependence on information systems and web applications,
risk related to data security, governmental regulation, including
for climate change and risk related to anti-takeover provisions
applicable to us. Additional information concerning certain risks
and uncertainties that could cause actual results to differ
materially from that projected or suggested is contained in the
Company's filings with the Securities and Exchange
Commission (SEC) over the last 12 months, copies of which are
available from the SEC or from the Company upon request.
The Company disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward looking statements
contained in this release or to reflect any changes in the
Company's expectations after the date of this release or any change
in events, conditions or circumstances on which any statement is
based, except as required by law.
Contact: Steve Stuber - Investor Relations - 952-828-8461 –
srstuber@wgo.netMedia Contact: Sam Jefson - Public Relations
Specialist - 641-585-6803 - sjefson@wgo.net
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