I think it's a brilliant move by the Miller family to cash in on their decades of investment while the RV market is at a historical peak. They get a bunch of cash, a big chunk of Winnebago stock so they can continue to cash in if the RV industry stays hot, plus they still get to play at running the family company. What's not to like about a deal like that?
For Winnebago, the benefits seem much more subjective. They invest their big supply of cash into a thriving business that [mostly] is not competing with their own products and get some luxury brand bragging rights, but it's difficult for me to see where there is any benefit to their design and manufacturing. Dealers may benefit from carrying both brands, but they could do that before the merger simply by picking up the franchises they desired. Both companies franchise on a model-by-model basis, so dealers don't now get the whole Newmar line simply because they already carry some Winnebago lines. And they still deal with Newmar sales, service and warranty as separate entities.
The downside for Winnebago is the huge financial burden when RV industry sales inevitably go into the toilet during the next economic downturn. They have two companies (3 with Grand Design) to somehow keep afloat. They've obviously forgotten 2009-2010. All three companies could go under if it is severe.
