On an earnings call this week with analysts, Rev Group President and CEO Mark Skonieczny said the company is planning to sell Lance Camper. Skonieczny said Rev Group is in active discussions with prospective buyers.
He said, “Selling Lance Camper aligns with our broader objective of concentrating on scalable operations with stronger competitive positioning and margin potential.”
Lance Camper said the company continues to operate as usual, with a dedicated focus on its products and customers.
“We understand there are discussions about our ownership,” Lance Camper said, “but any comments regarding a potential sale should be directed to our parent company, Rev Group. We remain committed to building high-quality RVs and supporting our customers and dealers.”
Chief Financial Officer Amy Campbell said Lance Camper’s assets and liabilities qualified to be listed in financial documents as “held for sale.” The designation means that during the sales process, Lance Camper’s assets are not used to operate the business and are not generating revenue.
Rev Group listed Lance Camper’s assets at $17.1 million and debts at $11.6 million in its fiscal second quarter filing with the Securities and Exchange Commission. Campbell said Rev Group expected a non-cash loss of $30 million on the Lance Camper business.
Skonieczny said Lance Camper’s distance from the company’s other RV businesses in northern Indiana was a factor. Lance Camper is based in Lancaster, California. He said the distance presented logistical and operational challenges that kept Rev Group from optimizing Lance Camper.
Lance Camper is Rev Group’s only towable division. Lance Camper is also a leading truck camper manufacturer.
“Despite efforts to improve operational efficiency,” Skonieczny said, “this business has underperformed our targets due to its scale and various other factors. Over time, it has become a less significant part of our overall strategic focus, with scale that no longer aligns with the broader direction of our portfolio.”
Skonieczny said maintaining a presence in travel trailers and truck campers, in addition to its California base, would divert Rev Group’s resources from better assets and growth opportunities.
Lance Camper was founded in 1965 by Jack Cole and Jeff Souleles, and had solely concentrated on manufacturing truck campers until 2009, when the company began making travel trailers. Rev Group bought Lance Camper in 2018, and as recently as 2022, growth seemed to be in the division’s future. In 2022, Lance opened a travel trailer assembly facility in Decatur, Indiana, as Rev Group sought to bridge the geographical distance between Indiana and California operations.
