Winnebago Industries has reached a definitive agreement to acquire Lithionics Battery, a lithium-ion battery solutions provider to recreational equipment and specialty vehicle markets. Acquiring Lithionics will provide Winnebago Industries with enhanced technological and engineering capabilities to offer consumers more differentiated products with innovative electrical solutions, the company said, 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. Its in-house power solutions extend time spent off-grid, improve reliability, reduce noise and generate fewer emissions, Lithionics said.
Lithionics is led by founder and CEO Steve Tartaglia and is headquartered in Clearwater, Florida.
“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.”
After the transaction closes, which is expected in Winnebago Industries’ third fiscal quarter, Tartaglia and the current Lithionics management team will continue leading the business from its Florida headquarters.