World’s Largest RV Dealer Completes Sale
Lazydays® employees are big winners in transaction.
May 20, 2004 – (Seffner, FL) – Lazydays® RV SuperCenter®, the world’s largest recreational vehicle dealer, announced today that it has successfully completed the sale of the company to Bruckmann, Rosser, Sherrill & Company, LLC (BRS), a private equity firm based in New York.
Employees to Receive $29 Million. Prior to the sale, Lazydays® had been an employee-owned company through an ESOP program started in 1995. The BRS purchase will result in over $29 million being distributed to Lazydays® employees based on their allocated shares at the date of closing.
“This is one of the five happiest days of my life,” said Don Wallace, President and CEO of Lazydays. “I have looked forward for many years to rewarding the people who have made Lazydays® what I consider to be one of the best companies in the world.”
Lazydays® currently employs over 700 people at its I-4 location in Seffner, Florida. Company founder Don Wallace will continue to serve as the dealership’s President and CEO and he will remain a significant shareholder.
Added Wallace, “Together with BRS, Lazydays® will establish a new employee ownership plan in order to maintain the culture that has been so successful for us. We look forward to doing this all over again.”
Poised for Future Growth. The BRS investment will accelerate Lazydays’ continued growth, enhance its customer service and further its leadership position in the RV industry with added capital and support. Lazydays, with sales of over $750 million in 2003, is on track to become the first single-site dealership in the RV industry to achieve $1 billion in annual sales.
“Our unsurpassed focus on customer service will remain unchanged,” said Wallace, adding: “I believe we are the world’s largest RV dealer because the customer is the focus of our company. We will continue this focus and work everyday to become better. I am confident we will soon surpass our $1 billion goal.”
About Lazydays® RV SuperCenter®. Founded in 1976, Lazydays® is the largest RV dealership in the world. The company, located on 140 acres outside Tampa, Florida, has an 83,000 sq. ft. main building, 273 service bays, 300 RV campsites and more than 1,000 RV’s on display. In addition, the property has a 40,000 sq. ft. Camping World store, a Cracker Barrel Restaurant and a Flying J RV Travel Plaza. Lazydays® sales exceeded $750 million in 2003 and the complex will host more than one million visitors and serve more than 300,000 meals this year alone. For more information: www.lazydays.com
About Bruckmann, Rosser, Sherrill & Company, LLC. BRS is a New York-based private equity investment firm with approximately $1.2 billion in funds under management. Founded in 1995 by former senior executives of Citicorp Venture Capital, Ltd., BRS specializes in management buyouts and recapitalizations of high quality, middle market companies with strong market positions and/or growth potential. Its portfolio companies have a strong focus on consumer products and services including many leading name brands. For more information: www.brs.com
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For More Information:
Ben Lee
813 258 5858
ben@schifinolee.com |
