RVIA Economic Impact Study

The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.

Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .

Lazydays RV Center Acquired by Adina Acquisition Corp.

Mon Oct 30, 2017

146176642957276.pngTAMPA, Fla.—Lazydays RV Center Inc. has announced it has entered into a definitive agreement to be acquired by Adina Acquisition Corp. II, a special purpose acquisition company.

At the conclusion of the transaction, the combined company will be renamed Lazydays Holdings Inc. Lazydays will become a wholly-owned subsidiary of Lazydays Holdings Inc. and will be a publicly-listed company on the NASDAQ stock exchange under the new ticker LAZY.

Total consideration to be paid to the seller group for its interests in Lazydays will consist of $85 million in cash and about 2.9 million common shares of the combined company. Lazydays’ Revenue and Adjusted EBITDA for the fiscal year ended Dec. 31, 2016 were $564 million and $25 million, respectively. Lazydays expects fiscal 2017 Adjusted EBITDA to be between $28 million and $30 million.

Andina has entered into a series of definitive financing agreements with institutional investors for the sale of $88.5 million of convertible preferred stock, common stock and warrants to be consummated simultaneously with the closing. In addition, Lazydays expects to refinance its existing term debt with a new $20 million facility prior to or simultaneous with closing.

Upon consummation of the transaction, Lazydays’ Chairman and CEO William Murnane will continue in his leadership role as Chairman and CEO. In addition, all other senior managers at Lazydays will remain in their current roles and no new executives will join the company as part of this transaction. Lazydays will continue business as usual, providing best-in-class customer experiences to all of its customers and continuing to be an employer of choice in the markets in which it operates.

“We are thrilled to announce this transaction,” Murnane says. “The merger gives us the ability to rapidly become a public company and further enhance our growth trajectory, without the time-consuming distractions of a traditional public offering. The financings associated with this transaction will give us the balance sheet flexibility and liquidity to accelerate our growth strategy. We plan to bring our exceptional customer experience and product expertise closer to our loyal customers throughout the country.”

“We are excited to have the opportunity to invest alongside Bill Murnane and his team at Lazydays as they strategically deploy capital to accelerate the company’s growth,” Andina Founder and Chairman Luke Weil says. “We look forward to the company broadening its product and service portfolio, as well as increasing its geographic reach as it makes opportunistic acquisitions of dealerships across the U.S.”

The proposed transaction has been unanimously approved by the Boards of Directors of both Andina and Lazydays, and is expected to close in the first quarter of 2018, subject to approval by Andina’s shareholders and other customary closing conditions.