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Top RV dealership changes hands in $115M deal


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  • | 1:24 p.m. October 30, 2017
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  • Tampa Bay-Lakeland
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TAMPA — Andina Acquisition Corp. II, a New York-based special-purpose acquisition company, has agreed to buy Tampa-based Lazydays R.V. Center Inc. and its affiliates from private investment funds managed by Wayzata Investment Partners LLC and other minority shareholders.

According to a press release, the sale price was $85 million in cash and approximately 2.9 million common shares of the combined company. Andina shares were trading at $10.21 a share on Friday, worth about $29.6 million. That puts the total value of the deal at around $115 million.

Lazydays operates the world's largest recreational vehicle dealership, on 126 acres outside Tampa and also has regional dealerships in Tucson, Ariz., and Loveland, Denver and Longmont, Colo. It employs more than 700 people.

Lazydays will become a wholly owned subsidiary of Andina, which is a publicly traded company on the NASDAQ stock exchange. However, the combined company will be renamed Lazydays Holdings Inc. and will trade on NASDAQ under the new ticker LAZY.

Lazydays chairman and CEO William P. Murnane will continue as executive chairman and CEO of the combined company.

“We are excited to have the opportunity to invest alongside Bill Murnane and his team at Lazydays as they strategically deploy capital to accelerate the company's growth,” states Luke Weil, founder and chairman of Andina Acquisition Corp. II, in the release. “We look forward to the company broadening its product and service portfolio, as well as increasing its geographic reach as it makes opportunistic acquisitions of dealerships across the U.S.”

The deal is expected to close in the first quarter of 2018.

“The merger,” Murnane states in the release, “gives us the ability to rapidly become a public company and further enhance our growth trajectory, without the time-consuming distractions of a traditional public offering.”

 

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