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Lincolnshire,
IL – November 2024 / NewsmakerAlert: Camping
World Holdings, Inc. (NYSE: CWH) (“Camping World” or “Company”), the
World’s Largest Recreational Vehicle Dealer, announces 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:
-
Surprise,
AZ (Phoenix)
-
Murfreesboro,
TN (Nashville)
-
Sturtevant,
WI (Milwaukee)
-
Council
Bluffs, IA
-
Elkhart,
IN
-
Portland,
OR
-
Woodland,
WA (Vancouver)
Individuals
interested in applying for a position with Camping World may visit 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.
Media
Contact:
Brett
Andress
SVP,
Corp Dev & IR
LinkedIn
Camping
World Holdings |