Iowa-based Winnebago Industries Inc. (NYSE: WGO) will acquire Barletta Pontoon Boats in Bristol. Winnebago says the deal is valued at more than $255 million in cash and stock.
Winnebago says the deal extends its marine platform into one of the fastest-growing boating segments, advances its growth into an outdoor lifestyle company, and is expected to drive financial accretion.
“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,” said Winnebago Industries President and Chief Executive Officer Michael Happe. “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.”
Last year, Barletta shared plans to open a new $7 million manufacturing facility in Bristol to add production capacity and scale to better meet the demands of its continued growth. The facility is expected to create up to 250 jobs over the next few years.
“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,” Barletta Pontoon Boats President and founder Bill Fenech said. “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.”
When the deal closes, Winnebago says Barletta will operate as its own business unit within Winnebago Industries. Barletta’s manufacturing facilities will stay in Bristol, and Fenech will continue to lead the Barletta business as its president.