Winnebago Industries Inc. /zigman2/quotes/210279661/composite WGO -2.26% said Tuesday that it has entered into a definitive agreement to acquire Barletta Pontoon Boats for an initial consideration of $255 million, $230 million in cash and $25 million in newly-issued Winnebago shares. Winnebago will issue an additional $15 million in shares to Barletta ownership if certain performance goals are reached by the end of 2021. If certain growth objectives are reached in 2022 and 2023, Winnebago will issue up to an additional $50 million in cash. Barletta was founded in 2017, has a network of 125 dealer locations across the U.S. and Canada, and generated $120.6 million in revenue in 2020. Winnebago calls pontoon boats "one of the fastest-growing boating segments." Barletta recently opened a manufacturing facility in Bristol, Ind. Barletta will operate as a separate business unit within Winnebago once the deal closes, and Bill Fenech will continue as president of Barletta. The deal is expected to close fiscal first quarter 2022. Winnebago's quarterly reporting will include a "Marine" reporting segment that will comprise Barletta and Chris-Craft. Winnebago stock edged up 0.8% in Tuesday premarket trading, and has gained 6.3% for the year to date. The benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.22% is up 13.4% for the year to date.