Campers Inn RV leaders are conducting due diligence to determine whether the dealer chain is interested in buying more stores from Lazydays than initially announced Tuesday.
The letter of intent (LOI) Campers Inn signed with Lazydays, which was made public Tuesday in a filing with the Securities and Exchange Commission, listed five stores Campers Inn RV expects to purchase, including locations in Tucson, Arizona; Johnstown, Colorado; Seffner, Florida; Knoxville, Tennessee; and St. George, Utah.
Lazydays has additional locations in Wildwood, Florida; Council Bluffs, Iowa; Minneapolis; Wilmington, Ohio; and Portland, Oregon. Campers Inn executives have not ruled out potentially purchasing these stores, but the LOI included plans in case they did not buy the stores. Inventory at stores in Iowa, Minnesota, Ohio and Oregon would be bought for $1,000 less than agreed upon in the LOI to offset transportation costs to send the RVs to other locations. Wildwood’s inventory would be reduced by $400 per RV to offset transportation costs.
Sources said among the reasons Campers Inn emerged as the top bidder for Lazydays was its willingness to purchase inventory with fewer discounts than other bidders. The LOI states that Campers Inn would buy all the new inventory at all Lazydays locations. Campers Inn would pay full invoice price for all 2026 model RVs, 90% of the invoice for 2025 model RVs and 80% of the invoice on all 2024 models.
Any new 2023 models will be considered as used inventory, according to the LOI. Used RVs will be bought at 85% of wholesale book value, assuming the RVs have a clear title and no more than normal wear and tear.
As of Friday morning, Lazydays listed over 3,500 new and used RVs in its inventory across all stores.
Campers Inn also agreed to buy real estate for numerous properties. The dealer chain would buy the real estate for Lazydays’ cluster of three Knoxville facilities for 85% of the properties’ appraised value. Campers Inn would buy the Wilmington property for 50% of the appraised value.
The dealer chain also proposed buying the real estate for three locations Lazydays already sold—Aurora, Colorado; Las Vegas; and Waller, Texas. Campers Inn would purchase the real estate for these sites at 60% of the appraised value.
To close the transactions, the LOI states that Campers Inn owners intend to use a new holding company to purchase the stores. Financing sources will include a combination of family resources and longstanding relationships. If needed, the LOI states that Campers Inn can fund the purchase through its current financing facilities and family resources.
Chief Operating Officer Ben Hirsch extended an olive branch to former Lazydays employees this week, who may have left the company as business slowed over the past three years. On LinkedIn, Hirsch said Campers Inn welcomed former Lazydays employees to the company.
“We are excited to work with the team at Lazydays,” he said. “To those former Lazydays employees who may have stepped away…if you want to be part of this comeback story, something great, our doors are open. We’d love for you to join us as we build the future together.”
Deadlines for the deal approach. The LOI states that Campers Inn is targeting Oct. 6 as the date to sign a definitive purchase agreement. Hirsch was on the road this week to review stores and operations at the five Lazydays stores still under consideration.
Once the purchase agreement is signed, Campers Inn is targeting a final closing date before Nov. 27 and no later than Dec. 1.
