Winnebago Industries has entered an agreement to acquire Bristol, Ind.-based Barletta Pontoon Boats, Winnebago said in a statement.
The $270 million deal includes newly issued Winnebago shares and incentives up to $15 million in additional shares for meeting performance goals for the remainder of the year, with performance-based cash considerations of up to $50 million in 2022 and 2023.
Last year, Barletta’s network of 125 dealer locations in North America generated $120.6 million in revenue. The pontoon builder estimates a strong growth trajectory for this year, projecting revenues of $214.6 million for 2021.
Winnebago said Barletta will operate as a distinct business unit as part of a newly formed marine segment with Chris-Craft. Barletta president and founder Bill Fenech will remain president.
“The acquisition of Barletta significantly expands Winnebago Industries’ presence in the strong and growing marine market by acquiring the fastest-growing brand within one of the most rapidly growing boating segments,” Winnebago president and CEO Michael Happe said.
Earlier this year, Barletta opened a new, 146,000-square-foot facility within the company’s 37-acre campus, which the company said can more than double output.
“Winnebago Industries’ track record of cultivating premium outdoor lifestyle brands will allow us to further accelerate our growth, expand our offerings and gain greater share of the pontoon boat market segment,” Fenech said.