Camping World Holdings Inc. this week announced a plan to strategically shift away from locations where the company does not have the ability or where it is not feasible to sell and/or service RVs.
SGB reported this in Tuesday’s August M&A Roundup and provided some more color in a piece posted today.
Currently, the company operates 165 locations that sell and/or service RVs, with over 30 RV dealership locations opened or acquired since January 1, 2018. In addition, the company operates 37 locations which do not sell and/or service RV’s but sell its assortment of outdoor lifestyle products.
At certain locations that do not sell and/or service RVs, the company is in the process of attempting to acquire and/or obtain the developmental consents, approvals and permits necessary for the sale and/or service of RV’s. The company also operates TheHouse.com, primarily an ecommerce business, with five current specialty retail locations, and recently sold 13 Uncle Dan’s and Rock Creek specialty retail locations.
The company is in the early stages of evaluating the impact of the plan and has had preliminary discussions regarding the sale, repurposing, relocating or closing of certain locations, with the current expectation of either selling, repurposing, relocating or closing approximately 27 to 37 locations.
The actual number of stores the company sells, repurposes, relocates, or closes may change. As part of the plan, the company is also evaluating the impact on the company’s supporting infrastructure and operations and expects the majority of the activities contemplated under the plan to be completed by year-end.
Marcus A. Lemonis, Chairman and CEO, said, “We believe the sale and/or servicing of recreational vehicles is our core and most important offering and, with the RV and outdoor consumer crossover, we believe there is an opportunity to continue growing our market share and improve our financial performance through the operation of locations with RV sales and/or service and, when feasible, our hunting, fishing and camping products. We will continue to operate our RV sales and/or service locations under three banners, Camping World, Gander RV and Outdoors and Gander RV.”
Lemonis added, “We will continue to open new RV dealerships and opportunistically make RV dealer acquisitions. To that end, we recently opened, or plan to open, new RV dealerships under the Camping World, Gander RV and Outdoors, Gander RV and Airstream banners in Coldwater, MI; Springfield, IL; Breaux Bridge, LA; Wichita, KS; Greenville, NC; Cicero, NY; Marion, IL; Denton, TX; Ashland, VA; Ft. Pierce, FL, Belleville, MI, Henderson, NV, Lakeville, MN, Hermantown, MN, Forest Lake, MN and Oklahoma City, OK. We are also very pleased to announce the acquisition of two new RV dealerships, Richards RV Center located in Quincy, MI and Diamond RV Center located in West Hatfield, MA.”
