Winnebago completes acquisition of Grand Design

Staff Report

Winnebago Industries, Inc. today announced on Tuesday that it has completed the previously announced acquisition of Grand Design RV, LLC, a manufacturer of towable recreation vehicles, for about $500 million in cash and Winnebago shares. The company also entered into a seven-year $300 million term loan and five-year asset based lending facility for up to $125 million arranged by JPMorgan Chase Bank, N.A.

“We are pleased to complete this transformative transaction. The acquisition of Grand Design positions Winnebago Industries as an immediately stronger player in the RV market and will provide long-term value for our shareholders,” said Michael Happe, Winnebago’s president and chief executive officer. “We are excited to welcome Grand Design into our portfolio and look forward to working with their talented team to exceed the expectations of our collective dealers and end customers.”

Winnebago has a manufacturing facility in Charles City.

J.P. Morgan acted as financial advisor to Winnebago and Lindquist & Vennum LLP acted as legal counsel. Baird acted as financial advisor to Grand Design and Weil Gotshal and Manges LLP acted as legal counsel.