Winnebago Industries Inc. announced that it has acquired recreational boat builder Chris-Craft from Stellican Ltd., which has owned the company since 2001. Terms of the transaction were not disclosed.
According to a press release, Chris-Craft is poised to leverage its strong brand reputation and drive future growth through the introduction of new models and product lines, category extension opportunities supported by increased production capacity and expanded dealer reach. As part of the acquisition, Stephen Heese will continue to lead Chris-Craft as president while Winnebago expects to maintain Chris-Craft’s Sarasota, Fla., headquarters.
“Chris-Craft is an iconic, premium brand that shares many similarities with our own heritage Winnebago brand, including a commitment to providing customers with the highest quality products and services,” said Winnebago President and Chief Executive Officer Michael Happe. “The company’s strong brand, high-quality product line and premium position in the marine market make Chris-Craft an attractive addition to our 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 continued, “Importantly, this acquisition aligns with our strategic initiative to further diversify Winnebago Industries within the outdoor lifestyle market and gives us a strong base on which to consider building an additional revenue platform over time. We believe there will be synergies realized across our value chain and that the Chris-Craft business has material expansion opportunities available. Additionally, we see significant intersection between the RV and marine lifestyles and view marine as a natural adjacency to our existing outdoor lifestyle portfolio, with similar customer demographics and significant ownership crossover. With a broader, more balanced portfolio of products uniquely positioned across the outdoor lifestyle and leisure travel industries, we expect to continue to drive improved profitability and shareholder value over the long term. We look forward to working with the talented Chris-Craft team and to welcoming them to the Winnebago family.”
Heese remarked, “We look forward to further developing our storied brand while leveraging Winnebago’s capital and resources to accelerate our growth and continue delivering an exceptional product experience for our dealers and customers.”