Winnebago Industries, Inc. has acquired the iconic recreational boat manufacturer, Chris-Craft.
The company purchased Chris-Craft from Stellican Ltd., which has owned the boating manufacturer since 2001.
“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 Industries 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.”
Purchasing the brand marks Winnebago’s first entry into the marine industry, which the company says they believe has significant potential for growth as the boating industry has a large and increasing population of boaters.
“I am delighted that Chris-Craft has found an ideal partner in Winnebago Industries,” said Chris-Craft Chairman and Stellican Ltd. Founding Partner, Stephen Julius. “Winnebago is a natural fit for Chris-Craft’s premium brand, with a similarly iconic brand, complementary cultures, and a shared dedication to design, craftsmanship, quality, and customer service.”
The company looks forward to developing their brand while working with Winnebago’s capital and resource to accelerate their growth, while continuing to deliver an exceptional product experience for their dealers and customers, explained Heese.
The company believes there is a crossover between their customers in the RV market and those in the boating market, and that the acquisition aligns with Winnebago’s desire to further diversify into the outdoor lifestyle market, the company explained in a release.
“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,” said Happe. “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.”
Chris-Craft is expected to be immediately added to Winnebago’s Fiscal 2019 EPS. Heese will stay on board, leading the brand as president, and Winnebago expects to maintain the boating manufacturer’s Florida headquarters. The brand will operate as a distinct business unit within a new “other” operating segment of Winnebago, the company explained in a release.
“We look forward to working with the talented Chris-Craft team and to welcoming them to the Winnebago family,” said Happe.
