Winnebago Industries, Inc. (NYSE: WGO), announced today that it has completed the previously announced acquisition of Newmar Corporation for $270 million in cash plus two million shares of WGO common stock. Newmar is one of the most respected manufacturers of Class A and Super C motorhomes.
“The acquisition of Newmar further strengthens our core RV Platform and enhances the scale and profitability of our overall motorhome business,” said Winnebago Industries President and Chief Executive Officer, Michael Happe. “We are excited to welcome Newmar into our premium portfolio and look forward to working with their dedicated and talented team and high-quality dealer network to drive new growth opportunities and significant value creation for our employees, customers, and shareholders.”
Newmar, based in Nappanee, Indiana, is well known for its product quality and surpassing customer service, which probably won’t change much under Winnebago’s ownership. Matt Miller will continue to lead the Newmar business as its president.
In addition to manufacturing their own units, Winnebago Industries owns the Grand Design travel trailer brand, and Chris-Craft luxury powerboats.