Forest City-based Winnebago Industries is taking to the water. The recreational vehicle manufacturer is acquiring a well-known boat builder.
Winnebago is making its first entry into the marine market by buying Sarasota, Fla.-based Chris-Craft.
The Iowa RV manufacturer is purchasing the company, whose founding dates back to 1874, from a London investment firm for an undisclosed amount.
The vice president of strategic planning and development for Winnebago, Ashis Bhattacharya, says the company is tapping into a growing market of boaters.
“We have so much water all around us," he says. "It’s an activity you see a lot of, whether it’s people going fishing, swimming, wake-boating, water skiing.”
Bhattacharya says Winnebago was looking to acquire a name brand for its entry into the boating market.
“This is a brand that has been around such a long time," he says. "It has been around since the 1870s. It just has such a storied history. Whenever you look at boating, this is America’s boat brand.”
Bhattacharya says the deal is part of an ongoing effort to diversify the company’s product line.
Last month, Winnebago announced a joint venture to begin building chassis for electric vehicles at its Forest City plant.
Chris-Craft will retain its name, top management and Florida headquarters.