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.
Wow, there goes the Newmar history of great service and well built coaches. I guess I best hold on to the I have. It seems the industry as a whole is beginning to consolidate again into just a few major corporations with many division, made up of former independent companies again, and that is not good.
Beginning of the end for Newmar. Really disappointed to hear this.
I agree with Captn John about Tiffin. Don’t think it will be to long for Tiffin to sell out. As long as Bob is still in charge, I don’t believe it will happen but as soon as the sons take over…….Hard to turn down that much cash.
Looks like Tiffin remains the only way to go ~~ or Prevost if you have the $$$$$$$$$$$$$
I can’t blame Mr Miller for wanting to get out while he’s on top. I would get out if I was 80 years old. Winnabago will drag Newmar down the drain for 2 facts there driven by shareholder and they don’t give a [bleeped by RVtravel] about customer service, I own a Tiffin you can call and talk to Mr Bob Tiffin or meet him at a Rally.
I have always been very pleased with the call-in service I’ve received through Winnebago for my Class C Itasca, even though it’s now growing whiskers. Very, very knowledgeable techs and easy to reach. They’ve always responded to odd situations over the years. I have a 2005 Itasca Cambria 26, and have had it more than ten years. It was perfect when it came off the production line and still is. No mechanical problems, no production problems. No half toilet seats. Of course those were the days when there actually was a Quality Control department. Don’t know if they have it now. I’d invest in Winnebago in a New York minute.
Goodbye, Newmar quality coaches. With the loss of your quality motorhomes on the market I fear that the prices of the other quality motorhomes will rise faster than they would normally.
There goes the newmar quality. I will just have to keep my old kountry star, I got rid of the winneabago brave I had for my newmar.
Too bad it isn’t the other way around. Newmar buying Winneabago
Noooooo, They ruined Sunnybrook now they’ll ruin Newmar!!