A day after closing on one acquisition, Lazydays announced its next target.
Lazydays has signed a letter of intent to buy Camp-Land Inc., an RV dealership in Burns Harbor, Indiana. The company said the deal is expected to be finalized within 45 days.
“Al and Pat Paschen founded Camp-Land RV over 60 years ago. Together with their daughter Pam Argostino, and Joe & Lindsey Hatala (third generation), they have continued to own and operate Camp-Land RV,” Lazydays Chairman and CEO William P. Murnane stated. “We are thankful and honored that they have chosen Lazydays to guide their family business into the future and we will do our best to honor their outstanding stewardship and leadership with continued success. We are very excited to welcome Camp-Land RV and its terrific team into the Lazydays’ family of dealerships.”
Camp-Land RV’s brands include Grand Design, Jayco, Coachmen, Thor and Winnebago. The acquisition of Camp-Land RV is expected to be finalized within 45 days.
Murnane said the dealership’s location in Northwest Indiana complemented the acquisition of Total RV in Elkhart, a deal which closed the previous day and resulted in a rebranding for the dealership as Lazydays RV of Elkhart.
“Camp-Land RV, combined with our new dealership, Lazydays RV of Elkhart, located in Elkhart, Indiana, will allow us to serve the northern and cental Indiana markets, the Chicagoland and northern Illinois markets, the southern Michigan markets, and the western Ohio markets,” Murnane stated. “We plan to grow our market share significantly in all of these markets.”
The moves are a continuation of plans Murnane announced in August on a conference call with analysts, discussing the company’s quarterly earnings. On that call, he mentioned the purchase of Desert Autoplex RV in Phoenix, the Total RV acquisition, and the new dealership slated to open in Nashville, Tennessee.
“These three new dealerships position us very well to generate significant growth in 2021. Moreover, strategic activity is very robust at the moment,” Murnane told analysts, according to a transcript of the call provided by Seeking Alpha. “And given the current level of activity, we expect to continue to add dealerships to our network in the coming year.”
Murnane later said timing was a critical factor for Lazydays in deciding to purchase a dealership.
“I think if a good dealership becomes available or a good market becomes available for a greenfield, we’re going to jump on that, because it may not be available six months, a year down the road,” he said, according to the Seeking Alpha transcript. “So we’re going to take advantage – especially if it’s a good dealership in a good market with good brands that we really like – we’re going to take advantage of that and prioritize that.”
