Tags: winnebago | chris-craft | rv | boat

Winnebago Buys Chris-Craft Boat Maker to Enter Boat Market

Winnebago Buys Chris-Craft Boat Maker to Enter Boat Market
(Winnebago; Chris-Craft)

By    |   Tuesday, 05 June 2018 10:41 AM

RV manufacturer Winnebago said it is buying boat maker Chris-Craft in a move to diversify its portfolio.

The Iowa-based company announced the acquisition Monday, and while no terms of the transaction were disclosed, Winnebago Industries CEO Michael Happe said Chris-Craft's position in the marine market made it an attractive addition to the company's portfolio.

"Chris-Craft marks Winnebago’s first entry into the marine market, which we believe has significant runway for growth, with a large and increasing population of current and new boaters who enjoy extraordinary experiences on the water," Happe said in a statement.

Chris-Craft first started manufacturing boats 1874 and has been owned by Stellican Ltd since 2001.

The acquisition would be immediately accretive to Winnebago's fiscal 2019 earnings, further boosting the company's 2017 annual revenue of $1.5 billion and net income of $71.3 million, The Star Tribune noted.

"I am delighted that Chris-Craft has found an ideal partner in Winnebago Industries," said Chris-Craft Chairman and Stellican Ltd. Founding Partner, Stephen Julius in a statement. "Winnebago is a natural fit for Chris-Craft’s premium brand, with a similarly iconic brand, complementary cultures, and a shared dedication to design, craftsmanship, quality, and customer service."

Winnebago has seen steady growth over the years and has embedded its name as one of the leading U.S. motor home makers.

In 2016 the company acquired travel-trailer company Grand Design Recreational for about $500 million, The Star Tribune noted.

At the time, Happe noted that the addition would accelerate Winnebago's 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."

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Winnebago Industries is buying Chris-Craft, marking the RV manufacturer's first entry into the boat industry.
winnebago, chris-craft, rv, boat
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2018-41-05
Tuesday, 05 June 2018 10:41 AM
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