FOREST CITY, IOWA, October 3, 2016 – Winnebago Industries, Inc., announced today that it has entered into a definitive agreement to acquire Grand Design Recreational Vehicle Company, a manufacturer of towable RVs for approximately $500 million in cash and newly issued Winnebago shares.
Founded in 2012 by Don Clark, Ron Fenech and Bill Fenech, a management team with more than 80 years of combined leadership experience in the RV industry, Grand Design is a fast-growing manufacturer in the towables segment with rapidly expanding market share. The company generated $428 million in revenue over the last twelve months ending August of 2016, representing a compound annual growth rate of over 80 percent since 2013. The transaction is expected to close by the end of Winnebago’s first fiscal quarter of 2017, subject to regulatory approvals and other customary closing conditions.
“The addition of Grand Design will accelerate our expansion in the towables business, creating a broader and more balanced portfolio well-positioned to capitalize on the opportunities across the RV market and to drive improved profitability and long-term value for stakeholders,” said Michael Happe, Winnebago’s President and Chief Executive Officer.
