Winnebago Industries, Inc. has agreed to acquire Lithionics Battery, a lithium-ion battery provider, to the recreational equipment and specialty vehicle markets. The terms of the deal were not disclosed.
Founded in 2010, Lithionics battery solutions support internal electrical features and appliances for various outdoor products, including RVs, boats, specialty, low-speed vehicles, and other industrial applications.
Lithionics battery technology is differentiated by its proprietary management software and certifications from Underwriters Laboratories Solutions (“UL”), a safety accreditation and testing. Lithionics currently serves a role in the supply chains of Winnebago Industries’ RV brands, providing battery solutions to Winnebago and Newmar.
Founder and CEO Steve Tartaglia leads Lithionics headquartered in Clearwater, FL.
“The addition of Lithionics enhances Winnebago Industries’ ability to develop unique and diverse battery solutions across our portfolio, advancing our overall electrical ecosystem, driving organic growth and supply chain security, reinforcing our competitive technological advantage and allowing us to capitalize on consumer preferences for fully immersive, off-the-grid outdoor experiences,” said Winnebago Industries President and Chief Executive Officer Michael Happe.
“Lithionics’ talented employees bring a unique familiarity with our business and the broader outdoor recreation space, as well as share a commitment to quality and safety that fits seamlessly with our culture of excellence. We see significant opportunity to expand the use of their efficient energy solutions within our own portfolio, to continue to grow relationships with other existing customers and to explore new market applications. Through these applications, we expect Lithionics will enhance Winnebago Industries’ margin profile over the near- and long-term and create value for our shareholders, employees and consumers. We look forward to working with Steve and his team to integrate their unique platform of electrical capabilities.”
The transaction is expected to close within Winnebago Industries’ third fiscal quarter, subject to customary closing conditions. Tartaglia and the current Lithionics management team will continue to lead the business from Clearwater, FL, and Lithionics will operate as a wholly-owned subsidiary of Winnebago Industries.
J.P. Morgan Securities LLC is the exclusive financial advisor to Winnebago Industries, and Faegre Drinker Biddle & Reath is the legal advisor.
Photo courtesy Winnebago