Winnebago Industries completed the previously announced acquisition of Grand Design RV, a manufacturer of towable recreation vehicles (RVs), for approximately $500 million in cash and Winnebago shares.

A seven-year $300 million term loan and five-year asset-based lending facility for up to $125 million arranged by JPMorgan Chase Bank supported the deal.

J.P. Morgan acted as financial advisor to Winnebago, and Lindquist & Vennum acted as legal counsel. Baird acted as financial advisor to Grand Design, and Weil Gotshal & Manges acted as legal counsel.

“We are pleased to complete this transformative transaction. The acquisition of Grand Design positions Winnebago Industries as an immediately stronger player in the RV market and will provide long-term value for our shareholders,” said Michael Happe, Winnebago’s president and chief executive officer.