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Winnebago Industries, maker of its namesake motor home, has agreed to buy privately held Barletta Pontoon Boats for more than $300 million in a deal that will further expand its marine business.
Forest City-based Winnebago will pay $255 million upfront in cash and stock, and as much as $65 million if the boat manufacturer meets certain performance milestones over the next two and a half years, according to a statement provided to Bloomberg News.
Barletta, based in Bristol, Ind., is owned by brothers Ronald and William Fenech, who founded it in 2017.
William Fenech will remain the president of Barletta, within the newly created marine division.
Winnebago already owns the luxury boat manufacturer Chris-Craft, which it acquired in 2018.
Pontoon boats are usually used in lakes and can be used for a variety of family activities, making it a fast-growing part of the boating market, Winnebago’s President and CEO Michael Happe said.
Happe added the pandemic has introduced a lot of new consumers to outdoor recreation.
“We don’t believe it will be a short-term pandemic lift,” he said. “We are bringing new customers into these lifestyles.”
Barletta had earnings of $10.5 million before interest, taxes, depreciation and amortization on revenue of $120.6 million in 2020.
It is expected to generate $215 million in revenue this year.