Lazydays Holdings, Inc. and Campers Inn Holding Corp. have entered into a letter of intent (LOI) for Campers Inn RV or its affiliate to buy substantially all Lazydays’ assets.
Lazydays CEO Ron Fleming said, “It has been a transformative few years as an industry, and within Lazydays, while navigating a rapidly evolving industry and an increasingly complex retail landscape. Lazydays was built on the core values of customer first, teamwork, professionalism, accountability, family and fun, and we have no doubt Campers Inn RV will continue to uphold these values for many years to come with our customers, our employees and our OEM partners.”
The letter stated Campers Inn RV’s intent to take over Lazydays’ dealerships in Tucson, Arizona; Johnstown, Colorado; Seffner, Florida; Knoxville, Tennessee; and St. George, Utah.
The deal would include $30 million for Lazydays’ assets, not including its RV inventory or real estate associated with store locations. The price for inventory and real estate are based on appraisals and methodologies stated in the LOI.
Campers Inn RV CEO Jeff Hirsch said, “The potential acquisition of Lazydays is more than a business decision; it is a reflection of our shared values and a continuation of the traditions that have guided Campers Inn RV since our founding nearly 60 years ago. Both companies have always believed in treating customers and employees with dignity, respect and care. By uniting two legacies under one family of dealerships, Campers Inn RV aims to position itself for long-term success while remaining true to its roots.”
Campers Inn RV said the company will assess whether to operate Lazydays’ remaining eight dealerships after the transaction closes. The LOI states the transaction may close site-by-site if both parties agree. Campers Inn put a $1 million deposit on the transaction, according to a filing with the Securities and Exchange Commission. The deal has a $10 million breakup fee that Lazydays would owe Campers Inn RV if the sale does not close.
Campers Inn RV’s target final closing date is before Thanksgiving and no later than Dec. 1.
Lazydays said the company owes approximately $182.3 million in secured floorplan debt, $27.8 million in secured revolving debt obligations and $12.6 million in secured mortgage debt outstanding. Lazydays said the purchase price is expected to be less than it owes secured and unsecured debt holders. If the transaction closes, Lazydays expects to cease operations and could consider debtor protections. Lazydays said its investment banker coordinated a thorough process for Lazydays to evaluate its alternatives before entering into the LOI.
The company notified corporate headquarters employees that they expect to be laid off effective Nov. 16 or within 14 days of the transaction’s closing. A notice filed in Florida on Tuesday under the Worker Adjustment and Retraining Notification (WARN) Act of 1988 stated 76 employees would be affected by the sale, most based in Tampa but some based in Arizona, Kentucky, Missouri, Nevada, Oregon and Pennsylvania.
The transaction would expand Campers Inn RV’s nationwide presence to 48 dealership locations across 22 states, including the dealer chain’s first stores in Colorado, Tennessee and Utah.
After the transaction closes, Lazydays’ Tampa-area dealership is expected to operate under the name Lazydays by Campers Inn RV.
Campers Inn RV said it plans to grow the Tampa facility through numerous customer rallies, enhanced service and a unique experience
Campers Inn RV Chief Operating Officer Ben Hirsch said he is excited to continue Lazydays’ Tampa store history for decades to come.
“The Tampa location, located on 129 acres, is the largest single-point RV dealership in the world, and has a unique offering for customers – offerings that we are excited to enhance for customers’ benefit,” he said. “In addition, adding the locations in Tennessee, Colorado, Arizona and Utah would enhance our national footprint and allow us to continue to be the largest family-operated RV dealership group. We are in the process of assessing Lazydays’ other locations and will make further determinations as we progress through the process.”
