FOREST CITY, Iowa — Winnebago Industries announced that it has completed the previously announced acquisition of Grand Design RV (“Grand Design”) for approximately $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 CEO. “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.”
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 & Manges LLP acted as legal counsel.
SOURCE: Winnebago press release