Winnebago Industries to acquire Lithionics Battery
Winnebago Industries, Inc. announced that it has reached a definitive agreement to acquire Lithionics Battery (Lithionics), a lithium-ion battery solutions provider to recreational equipment and specialty vehicle markets. The addition of Lithionics will provide Winnebago Industries with enhanced technological and engineering capabilities to offer consumers more differentiated products with innovative electrical solutions, as well as bring strategic sourcing benefits and secure a critical area of its supply chain. Terms of the deal were not disclosed.
Founded in 2010, Lithionics is a provider of advanced battery solutions that deliver “house power,” supporting internal electrical features and appliances for a variety of outdoor products including RVs, boats, specialty and other low-speed vehicles, as well as other industrial applications. Lithionics’ innovation in house power solutions will continue to advance important outdoor recreation product features for consumers, including extending time off-the-grid, improving reliability, reducing noise and generating fewer emissions.
Lithionics’ premium lithium-ion batteries leverage voltage stability, long life expectancy, lighter construction and the highest energy densities possible to provide safe, efficient and cost-effective electrification solutions. The company’s battery technology is differentiated by its proprietary management software and certifications from Underwriters Laboratories Solutions (“UL”), a leader in safety accreditation and testing. Lithionics currently serves a critical role in the supply chains of Winnebago Industries’ RV brands, providing trusted battery solutions to Winnebago and Newmar. Lithionics is led by Founder and CEO Steve Tartaglia and is headquartered in Clearwater, Fla.
“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 technological competitive advantage and allowing us to capitalize on consumer preferences for fully immersive, off-the-grid outdoor experiences,” said Winnebago Industries President and CEO 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.”
Steve Tartaglia added, “By combining Lithionics’ differentiated battery systems and Winnebago Industries’ strong brands and innovation expertise, we will create a range of technologically superior products that will change the way people experience the outdoors – allowing them to bring the comfort of electricity with them wherever they travel. The entire team at Lithionics looks forward to joining forces with Winnebago Industries to turn this vision into reality.”
After the transaction closes, which is expected 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 its headquarters in Clearwater, Fla. Lithionics will operate as a wholly owned subsidiary of Winnebago Industries.
Source: https://boatingindustry.com/news/2023/03/28/winnebago-industries-to-acquire-lithionics-battery/
