M&A Deal Summary

Winnebago Industries Acquires Grand Design Recreational Vehicle

On October 3, 2016, Winnebago Industries acquired automotive company Grand Design Recreational Vehicle from Summit Partners for 500M USD

Acquisition Highlights
  • This is Winnebago Industries’ 2nd transaction in the Automotive sector.
  • This is Winnebago Industries’ largest (disclosed) transaction.
  • This is Winnebago Industries’ 2nd transaction in the United States.
  • This is Winnebago Industries’ 2nd transaction in Indiana.

M&A Deal Summary
Date 2016-10-03
Target Grand Design Recreational Vehicle
Sector Automotive
Buyer(s) Winnebago Industries
Sellers(s) Summit Partners
Deal Type Add-on Acquisition
Deal Value 500M USD
Advisor(s) Robert W. Baird & Co., Inc. (Financial)
Weil Gotshal & Manges (Legal)

Target

Grand Design Recreational Vehicle

Middlebury, Indiana, United States
Grand Design Recreational Vehicle Co. is a manufacturer of towable recreation vehicles (RVs). Grand Design has shipped 25,000 units and has sold over 21,000 units at retail. Grand Design manufactures the market leading Reflection fifth wheel and travel trailer, flagship Solitude extended stay fifth wheel, luxury Momentum toy hauler and lightweight Imagine travel trailer product lines.

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Buyer(S) 1

Buyer

Winnebago Industries

Eden Prairie, Minnesota, United States
Category Company
Founded 1958
Sector Automotive
Employees6,250
Revenue 3.5B USD (2023)
DESCRIPTION
Entrance to Winnebago's visitor center in Forest City, Iowa.
Entrance to Winnebago's visitor center in Forest City, Iowa.

Winnebago Industries is a manufacturer of recreation vehicles (RVs), which are used primarily in leisure travel and outdoor recreation activities. Winnebago builds motor homes, travel trailers, fifth wheel products and transit buses. Winnebago Industries was founded in 1958 and is based in Eden Prairie, Minnesota.

DEAL STATS #
Overall 2 of 5
Sector (Automotive) 2 of 3
Type (Add-on Acquisition) 2 of 5
State (Indiana) 2 of 4
Country (United States) 2 of 5
Year (2016) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-18 SunnyBrook RV

Middlebury, Indiana, United States

SunnyBrook Manufacturing is located in Middlebury, Indiana and produces a variety of towable RVs under the SunnyBrook RV brand name consisting of Harmony, Brookside, Bristol Bay, Edgewater and Sunset Creek travel trailers and Harmony, Brookside, Bristol Bay, West Pointe, Big Dog and Titan fifth wheel trailers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-16 Newmar

Nappanee, Indiana, United States

Newmar Corp. is a provider in the RV manufacturing industry. Newmar portfolio of premium motorhomes in the Class A Diesel, Class A Gas and Super C categories sold through a nationwide dealer network in the US and Canada. Newmar Corp. was founded in 1968 and is based in Nappanee, Indiana.

Buy $344M

Seller(S) 1

SELLER

Summit Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1984
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Summit Partners is a private investment and asset management firm focused on venture, growth, credit, and public equity investing. Sectors of interest include business services, communications technology and services, consumer products, energy, financial services, healthcare and life sciences, industrial products, internet/information services, media/entertainment, semiconductors, electronics, and software. Summit Partners is known for having a proactive business development group for sourcing transactions. Summit will consider both minority or majority investment stakes and is willing to commit as little as $10 million or as much as $500 million in combined debt/junior capital per transaction. The Firm's geographic coverage spans North America and Europe. Summit Partners was formed in 1984 and is headquartered in Boston, Massachusetts.

DEAL STATS #
Overall 204 of 285
Sector (Automotive) 4 of 4
Type (Add-on Acquisition) 94 of 127
State (Indiana) 5 of 5
Country (United States) 186 of 246
Year (2016) 11 of 12
Size (of disclosed) 14 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-01 Clearwater Analytics

Boise, Idaho, United States

Clearwater Analytics provides web-based, investment portfolio reporting and analytics for institutional investors, investment managers, custody banks, and electronic trading portals. Clearwater’s daily-aggregated and reconciled solutions deliver the highest level of portfolio transparency available on the market today for clients such as Cisco Systems, Oracle Corporation, Starbucks Corporation and Yahoo!. Clearwater Analytics was founded in 2004 and is based in Boise, Idaho.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-16 FineLine Technologies

Norcross, Georgia, United States

FineLine Technologies provides customizable branded, barcoded, and RFID integrated labels, tags and badges for supply chain, omnichannel fulfillment, POS, access control, and consumer engagement needs. FineLine produces billions of tickets annually, processing data quickly and securely, printing high-quality graphics and scannable barcodes, encoding UHF and HF RFID, with global delivery within six business days, and online tracking, order detail, and analytics to help our customers manage their business. FineLine Technologies was founded in 1998 and is based in Norcross, Georgia.

Buy -
Mergr

Product

Company

Legal