Camping World to Acquire Seven Locations From Lazydays
Towable Centric Locations Generated Nearly $200 Million of TTM Revenue
LINCOLNSHIRE, Illinois--(BUSINESS WIRE)--November 15, 2024--
Camping World Holdings, Inc. $(CWH)$ ("Camping World" or "Company"), the World's Largest Recreational Vehicle Dealer, today announced that it has entered into an agreement to acquire the assets and certain real estate of seven dealerships from Lazydays Holdings, Inc. The Company estimates the transaction to be valued at approximately book value, with an estimated total net cash outlay of between $10 million to $20 million after expected proceeds from normal course third-party real estate financing. In lieu of goodwill consideration, Camping World has elected to maximize its optionality by having the deposit on the transaction convert to 9.7 million shares of Lazydays Holdings, Inc. common stock upon closing of the transaction following receipt of necessary regulatory approvals.
Camping World estimates that the seven locations generated nearly $200 million of revenue on a trailing twelve-month basis, during a trough RV market. These locations carry a more traditional mix of travel trailer, fifth wheel, class B and class C product from top OEM brands including Grand Design, Thor and Forest River. The Company estimates that the market size within a 50-mile radius of each dealership is a combined 65,000 plus new and used RV units sold annually, representing strategic market share growth opportunities for Camping World.
Marcus Lemonis, Chairman and CEO of Camping World, commented, "These seven locations bring top OEM brands, incremental market share opportunity, and a more traditional RV product mix that align with our strategic priorities. We are adding distribution points for our contract manufactured offerings and Good Sam suite of products, with F&I offices immediately converting to Good Sam Business Centers upon close. We expect to continue to capitalize on today's robust dealership M&A environment."
Camping World intends to acquire and operate the following Lazydays Holdings, Inc. locations:
1. Surprise, AZ (Phoenix) 2. Murfreesboro, TN (Nashville) 3. Sturtevant, WI (Milwaukee) 4. Council Bluffs, IA 5. Elkhart, IN 6. Portland, OR 7. Woodland, WA (Vancouver)
Individuals interested in applying for a position with Camping World may visit http://www.campingworldjobs.com/.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world's largest retailer of RVs and related products and services. Through Camping World and Good Sam brands, our vision is to build a business that makes RVing and other outdoor adventures fun and easy. We strive to build long-term value for our customers, employees, and stockholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry's most extensive online presence and a highly trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of highly specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enables us to connect with our customers as stewards of an outdoor and recreational lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV. For more information, visit www.CampingWorld.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning Camping World and other matters. All statements other than statements of historical facts contained in this press release may be forward-looking statements including statements about the expected impact on financial statements, the regulatory approval process, the timing of the closure of and benefits from the announced acquisitions, future market position, and product offerings at future locations. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including the risk that the acquisitions may not close on the timeline expected or at all, as well as the other important risks described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in our Annual Report on Form 10-K filed for the year ended December 31, 2023. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241114490746/en/
CONTACT: Brett Andress
InvestorRelations@campingworld.com
Media Outlets:
PR-CWGS@CampingWorld.com
(END) Dow Jones Newswires
November 15, 2024 10:45 ET (15:45 GMT)
