Winnebago Industries Acquires Barletta Pontoon
The deal includes stock shares that could grow by $15 million based on performance milestones through 2021.
Winnebago Industries, Inc. will acquire Barletta Pontoon Boats for $255 million in cash and stock, RV News reports.
Certain growth objectives provide the opportunity for up to $50 million in additional cash consideration, the companies said.
Barletta is a 4-year-old company that manufactures premium pontoon boats. The manufacturer has 125 dealer locations across the U.S. and Canada. Barletta generated full-year 2020 revenues of $120.6 million and EBITDA of $10.5 million and expects to deliver full-year 2021 revenues of $214.6 million and EBITDA of $26.4 million.
The company recently opened a new manufacturing facility in Bristol, Indiana, to add capacity and scale and meet growth demands.
“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,” Winnebago President and CEO Michael Happe said. “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.”
After the transaction closes, Barletta will operate as a distinct business unit within Winnebago.
Winnebago said Barletta’s premium pontoons are highly differentiated from the Chris-Craft brand and have very limited dealer overlap with other Winnebago brands. Adding Barletta’s experienced management team, led by Fenech, brings valuable marine expertise, Winnebago said.
The transaction is expected to close early in Winnebago’s fiscal 2022 first quarter, subject to regulatory approvals and other customary closing conditions.