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As previously announced on March 15, 2018, funds and accounts managed by Coliseum Capital Management ("Coliseum") purchased $50 million of newly issued Series A Preferred Stock in Lazydays Holdings, Inc. (NASDAQCM: LAZY) ("Lazydays"). Concurrently, Chris Shackelton, Managing Partner at Coliseum, joined the Lazydays Board of Directors.
"Over the past eight months we have developed a strong partnership with Coliseum, extending well-beyond the capital they provided," said Bill Murnane, Lazydays CEO. "Coliseum brings strategic and operational expertise and leadership that we believe will accelerate our growth and shareholder value creation. I anticipate this partnership will prove invaluable as we work together over the coming years to build a successful Company. To that end, we are grateful to have Chris Shackelton joining our Board, in addition to the collaborative working relationship we have developed with the Coliseum team."
"I am excited to be partnered with Bill and his team as we embark on a number of compelling growth initiatives, which we believe will create significant shareholder value," said Chris Shackelton. "Our investment is founded on confidence in management, combined with an exceptional Lazydays brand and business model, which uniquely positions the Company to transform the RV industry."
Chris Shackelton is Co-Founder and Managing Partner of Coliseum Capital Management, a private investment company founded in 2005 that invests with a long-term orientation in undervalued companies. Coliseum focuses its capital and effort behind strong management teams and boards, with a willingness to work alongside companies to facilitate further value creation. Mr. Shackelton has significant experience leading public companies as an investor and director. He currently serves as Chairman of Providence Service Corp. In addition to working closely with a number of private companies, he is presently a director on the public boards of BioScrip and Universal Technical Institute. Previously, he served as Chairman of Rural/Metro Corp, as well as on the public boards of LHC Group, Advanced Emissions Solutions, and Interstate Hotels.
Lazydays, The RV Authority™, is an iconic brand in the RV industry. Home of the world's largest recreational dealership, based on 126 acres outside of Tampa, Florida, Lazydays also has dealerships located in Tucson, Arizona, and Loveland, Denver and Longmont, Colorado. Offering the nation's largest selection of leading RV brands, Lazydays features more than 2,500 new and pre-owned RVs, over 300 service bays and two on-site campgrounds with over 700 RV campsites. Lazydays also has rental fleets in Florida, Arizona and Colorado. In addition, Lazydays RV Accessories & More stores offer thousands of accessories and hard-to-find parts at all of our dealership locations.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements describe Lazydays future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Lazydays. Actual results could differ materially from those projected due to various factors, including economic conditions generally, conditions in the credit markets and changes in interest rates, conditions in the capital markets, and other factors described from time to time in Lazydays SEC reports and filings, which are available at www.sec.gov. Forward-looking statements contained in this news release speak only as of the date of this news release, and Lazydays undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances, unless otherwise required by law.
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