Tampa RV firm to sell assets for $30M — two years after passing $1B in sales

Jacksonville family-operated RV dealership chain Campers Inn Holding Corp. has signed a letter of intent to acquire nearly all the assets of Tampa-based RV company Lazydays Holdings for $30 million. 

The potential sale was announced in a joint statement Tuesday from both companies, followed by a Securities and Exchange filing from Lazydays, which is publicly traded on the Nasdaq. (Shares, under the symbol, GORV, were up as much as 25% Tuesday and closed at $3.06.) 

While Wall Street cheered the potential sale, the deal, if it closes, would mark a steep financial fall: Lazydays, founded in 1976, posted $1.23 billion in revenue in 2021 and $1.32 billion in 2022, due in large part to a pandemic surge in RV travel. 

But as travel trends shifted, sales began to slip and so did operating margins. Revenue fell to $1.08 billion in revenue in 2023 and $871.56 million last year, down 19.5%. Some activist investors bought shares in the firm in 2023, and in the fourth quarter that year Lazydays posted a loss of $108 million. Quarterly losses slowed in the past year, though in the past 12 months the firm has posted a loss of $38.12 million. 

The financial slide led to leadership changes, too. Most notably, CEO John North resigned in September 2024 and was replaced by Ron Fleming, a Lazydays veteran who was national general manager, vice president and eventually senior vice president of the company for 11 years until his retirement in 2023.

The Campers Inn offer, according to Lazydays, meanwhile, includes parts equipment and more, but does not include all the inventory or real estate. Campers Inn, according to the SEC filing, will “continue to operate, and assume underlying leases” Lazydays operates in six locations. Campers Inn says it is “assessing whether to operate the other locations.”

Campers Inn, in the filing, also proposes to purchase three Lazydays locations at 85% of appraised value; three locations at 60% of appraised value; and one location at 50% of appraised value. Campers Inn also proposes buying new inventory at sliding scale based on model years, starting at 100% of invoice for 2026, 90% for 2025s and 80% for 2024s. Used inventory would be purchased at 85% of wholesale book value, the filings show. 

The letter of intent and filings state that the transactions may close in a series of site-by-site closings if mutually agreed by the parties, and that Campers Inn’s target final closing date is before Thanksgiving and no later than Dec. 1. The deal would expand Campers Inn RV's nationwide presence to 48 dealership locations across 22 states, and would provide Campers Inn RV with its first entry into Tennessee, Colorado, and Utah.

After closing of the transaction, Lazydays' Tampa-area dealership in Seffner, according to a statement, is expected to operate under the name Lazydays by Campers Inn RV. 

Fleming, in the statement from both companies, touched on the difficult period for the industry — and Lazydays. 

"Throughout our 49-year history, Lazydays has played a leading role in the RV industry, recognized for giving our customers a great sales and service experience, and being pivotal to their RV adventures,” Fleming says in the statement. “It has been a transformative few years as an industry, and within Lazydays, while navigating a rapidly evolving industry and an increasingly complex retail landscape.”

Campers Inn, in the filings, says it's the nation’s largest family-operated RV dealer and has successfully integrated 16 acquisitions comprising 22 locations. It says it aims to grow Lazydays’ Seffner facility “through numerous customer rallies, enhanced service and a unique experience.”

"The potential acquisition of Lazydays is more than a business decision; it's a reflection of our shared values and a continuation of the traditions that have guided Campers Inn RV since our founding nearly 60 years ago,” Campers Inn CEO Jeff Hirsch says in the release. “Both companies have always believed in treating customers and employees with dignity, respect, and care. Together, we are creating a future that would not only expand our national presence but strengthen the culture of service and integrity that defines who we are."