The expression “One man’s loss is another man’s gain” extends to the corporate world. RV chain Lazydays Holdings is struggling on its financial feet. To try and gain balance, the outfit is unloading seven of its dealerships across the country. And who would be in a better position to “help”? None other than Camping World. A Lazydays–Camping World takeover spells less competition.
Lazydays-Camping World takeover means CW gets some stock
Camping World Holdings, Inc., which declares itself to be “the World’s Largest Recreational Vehicle Dealer,” announced the takeover in a press release dated November 15. In a deal valued at roughly the book value of the assets, Camping World will take over seven dealerships. The company expects to pay between $10 million and $20 million in net cash, after accounting for proceeds from standard real estate financing.
Camping World has chosen to exchange the deposit for 9.7 million shares of Lazydays Holdings, Inc. stock instead of receiving a goodwill payment. This will happen once the deal is finalized and all necessary regulatory approvals are received.
Camping World estimates the seven dealerships generated nearly $200 million in revenue over the past year. This despite being in a down market for RVs.
These locations offer a typical range of RVs, including travel trailers, fifth wheels, and Class B and Class C motorhomes. The rig manufacturers include Grand Design, Thor, and Forest River.
The company believes the area within 50 miles of each dealership sees more than 65,000 new and used RVs sold each year, providing significant opportunities for Camping World to increase its market share.
Lazydays locations affected across the country
Camping World intends to take over these Lazydays locations:
- Surprise, AZ (Phoenix)
- Murfreesboro, TN (Nashville)
- Sturtevant, WI (Milwaukee)
- Council Bluffs, IA
- Elkhart, IN
- Portland, OR
- Woodland, WA (Vancouver)
Marcus Lemonis, Chairman and CEO of Camping World, commented, “Lazydays has been a part of the fabric of the RV industry for over 30 years, and its health is important to Camping World, the RV industry, and our OEM partners. We are encouraged to see the Company take the necessary steps to fortify its balance sheet and make progress towards streamlining its portfolio.”
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Too bad, how sad.
Seven more places “Not” to buy an RV.
A further decline in the RV industry as a whole..
For all of the years that I have been in the RV industry, the RV industry has brought this problem on itself. The first recommendation is there should be a lemon Law so the consumer has some sort of a way to fight back against corporations that knowingly build Junk. I visited many of the factories over the years and couldn’t believe some of the things that were pushed out the door and sent to the dealers. Some dealers have a motto, get it on the curb and we will take care of it if they bring it back. I could write a book on this subject. I am master certified RVSA and RVIA. 35 years of frustration to say the least, but I still own an RV and love camping.
I think if we continue camping, we’ll purchase a cargo trailer and outfit to suit our needs. We consider our “home on wheels ” as just a place to sleep/rest while we are experiencing our next outdoor adventure.
I started the process of getting my camper repaired in Aug 2024. Here we are at Thanksgiving, “Parts are on order”. They told me to take me camper, they didn’t have room for it! Of course not, they are not working on them! Keep going Camping World, I will unleash my Governor on your business. Stand by Camping World. I’m tired of the no action phone calls. Happy Thanksgiving.
Thank you, Russ and Tina! I don’t know that Camping World got much. We tried to look at RVs at the Murfreesboro location and they would not return my calls. I guess they are tailor-made to be a Camping World location. Have a great weekend and safe travels!