Lincolnshire, Illinois-based Camping World Holdings Inc. announced today that it has reached an agreement to acquire seven RV stores from Tampa, Florida-based Lazydays Holdings Inc., including the former Burlington RV location at I-94 and Highway 20 in Sturtevant.
Located at 390 S. Sylvania Ave. northwest of I-94 and Highway 20, the store is now known as Lazydays RV of Milwaukee. Formerly known as Burlington RV, it was acquired by Lazydays in 2021.
In addition to that store, Camping World is also acquiring Lazydays RV stores in Arizona, Tennessee, Iowa, Indiana, Oregon and the state of Washington.
Camping World estimates that the seven locations generated nearly $200 million of revenue on a trailing twelve-month basis. 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.
Camping World 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.
“These seven locations bring top OEM brands, incremental market share opportunity, and a more traditional RV product mix that align with our strategic priorities,” said Marcus Lemonis, chairman and CEO of Camping World. “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 is the world’s largest retailer of RVs and related products and services, through its Camping World and Good Sam brands. The company has RV sales and service locations in 43 states.
