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Winnebago tops expectations; buys smaller rival

Monday, October 3, 2016 7:33

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Shares in Winnebago Industries Inc (NYSE:WGO) motored higher after it acquired towable recreational vehicle (RV) specialist, the Grand Design Recreational Vehicle Company.

Shares in the motorised RV maker rose 19% to US$27.99 in the first half hour of trading as it also topped expectations with its fiscal fourth quarter results.

Winnebago is paying US$395mln in cash and US$105mln in shares for Grand Design, acquiring the company from private equity group Summit Partners.

Grand Design had revenues of US$428mln last year. With Grand Design now in the fold, Winnebago’s annual revenues should clock in at about US$1.4bn.

Winnebago said the acquisition is expected to enhance earnings from the get-go.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/166844/winnebago-tops-expectations-buys-smaller-rival-166844.html

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