Iowa-based Winnebago Industries Inc. (NYSE: WGO) has completed its acquisition of Barletta Pontoon Boats in Bristol. Winnebago says the $255 million deal could come with additional cash and stock considerations if certain milestones are met.
The acquisition was first announced in July. Barletta will operate as a business unit of Winnebago with its manufacturing facilities remaining in Bristol. Founder Bill Fenech will remain as president.
The company says if Barletta achieves performance milestones at the end of the year, it will pay Barletta an additional $15 million in Winnebago shares. Also, if certain growth objectives are met through 2022 and 2023, Barletta could receive up to an additional $50 million in cash.
“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,” said Michael Happe, chief executive officer of Winnebago. “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.”
Last year, Barletta detailed plans to invest $7 million to build a new production facility and create up to 250 jobs.