This is based on a press release from Winnebago
EDEN PRAIRIE, MN, September 16, 2019 – Winnebago Industries, Inc., announced today that it has entered into a definitive agreement to acquire the privately owned Newmar Corporation, a leading manufacturer of Class A and Super C motorized RVs, for total consideration valued at approximately $344 million, based on the closing price of Winnebago Industries stock on September 13, 2019.
The consideration consists of $270 million in cash and a fixed amount of 2 million shares of Winnebago Industries stock
“Newmar’s dedication to manufacturing premium, high-end motorhomes makes it a natural fit with our portfolio of leading outdoor lifestyle brands and we look forward to welcoming Newmar to the Winnebago Industries family,” said Winnebago Industries President and Chief Executive Officer, Michael Happe.
“The acquisition of Newmar aligns with our strategy to strengthen and reenergize our motorized business by enhancing our position and capabilities in the motorhome market and building on the progress we have made driving growth and innovation across our offerings.
“Newmar’s talented leadership team, high-quality dealer network, and premium motorhome offerings will enhance the scale and profitability of our overall motorhome business, provide a platform for future growth and drive significant value creation for our employees, customers, and shareholders.”
Following the close of the transaction, Newmar will operate as a distinct business unit within Winnebago Industries with its headquarters and manufacturing facilities remaining in Nappanee, IN. Matthew Miller will continue to lead the Newmar business post-closing as its president.