Winnebago Industries has received a letter from North Street Capital proposing to acquire all of the outstanding common shares of Winnebago Industries at a price of $11 per share in cash. The offer described in the letter is highly conditional, requiring, among other things, due diligence and further negotiation. The company advises that no offer has been made to shareholders and that they need not take any action at this time in response to North Street’s letter.
Winnebago Industries is a leading U.S. manufacturer of recreation vehicles used primarily in leisure travel and outdoor recreation activities. The company and its subsidiary build motor homes, travel trailers and fifth wheel products under the Winnebago, Itasca, Era and SunnyBrook brand names. The company is based in Forest City, IA (www.winnebagoind.com).
North Street Capital invests in middle-market companies with revenues ranging from $10 million to $800 million which have the capability to grow earnings at a rate of at least 10% per annum. Sectors of interest include automotive, consumer, retail and business services. The firm is based in Greenwich, CT (www.northstreetlp.com).