NEWS RELEASES
Winnebago Acquires Newmar In Deal Worth Hundreds Of Millions
Editor's Note: This news item was retrieved through Global Newswire's website.
EDEN PRAIRIE, Minn. - Winnebago Industries, Inc. announced an agreement to acquire Newmar Corporation, a leading manufacturer of luxury gas and diesel Class A and Super C RVs, for approximately $344 million, including $270 million in cash and 2 million shares of Winnebago Industries stock. The purchase price represents 5.2 times Newmar’s last twelve months Adjusted Earnings as announced in June 2019. Established over 50 years ago, the privately-owned Newmar is the industry’s fastest growing brand of Class A motorhomes, with annual revenue of $661 million as of June 2019. After the transaction closes, Newmar will operate as a separate business unit within Winnebago maintaining its headquarters and manufacturing facilities in Nappanee, IN. Matthew Miller will continue as Newmar’s president.
“Newmar’s dedication to manufacturing premium, high-end motorhomes makes it a natural fit with our portfolio of leading outdoor lifestyle brands,” Winnebago Industries President and CEO Michael Happe said in a news release. “The acquisition of Newmar aligns with our strategy to strengthen and re-energize our motorized business by enhancing our position and capabilities in the motorhome market. Newmar has generated significant growth and tremendous market momentum over the past several years, driven by their reputation for quality, innovative offering and strong relationships with dealers and end customers. The addition of the Newmar brand will further differentiate Winnebago Industries, as our portfolio of Winnebago, Grand Design, Chris-Craft, and now Newmar brands provides customers with the highest quality, most innovative offerings across the RV and Marine industries.”
For additional information, visit the Winnebago Industries Investors website.
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