A giant in the recreational vehicle industry is buying a Michiana RV company.
Winnebago Industries has announced plans to purchase Grand Design Recreational Vehicle Co. of Middlebury for $500 million in cash and new shares. The deal should be wrapped up by the first fiscal quarter of 2017, according to our reporting partners at the Elkhart Truth.
Grand Design only started four years ago, though it reported $428 million in revenue in the most recent fiscal quarter. Winnebago will keep the company operational, with co-founder Don Clark remaining president, in addition to becoming a Winnebago vice-president. Its headquarters will remain in Middlebury.
“This is an exciting day for Grand Design and reflects the hard work and dedication of everyone involved in our rapid growth and success over the past several years – the Grand Design team, our valued customers and our investors,” Clark said in a statement. “We have incredible respect for Winnebago and are honored to join an iconic company that shares our dealer-centric, customer-focused culture.”