Make us your home page
Instagram

Prepping for RV growth, Lazydays' land deal frees up $56M

Inspired by a stronger-than-ever RV market and interstate expansion dreams, Seffner-based Lazydays — one of the top RV dealers in the country — raised $56 million in a recent land sale to help fund future growth.

"RV interest is as high as I have ever seen it," Lazydays chief financial officer Randy Lay said in an interview Tuesday. "There's an opportunity as we see younger folks and millennials coming into the market."

Lazydays wrapped up the $56 million sale of 130 acres of its Seffner property to Virginia-based Capital Automotive Real Estate Services, which specializes in land sale-leasebacks for auto and RV dealerships. Lazydays signed a 50-year lease to continue operating its business at its location.

Lay said it is better to free up that kind of money for the RV business than to leave it sitting there as land.

"This is a good time to invest in the market," Lay said.

Lazydays recently bought a small parcel of adjacent land from company founder Don Wallace, and this month will open a new Lazydays retail store in what had been a Camping World store.

Lazydays also has interstate ambitions. After buying a location in Arizona in 2011, this past October the company acquired the dealerships of Denver-based RV America. The new locations will all become rebranded as Lazydays, said Lay, as part of a marketing effort to extend the reach of the Seffner business name.

The RV industry is fragmented with 2,200 mostly privately owned dealers in the country, Lay said.

Some consolidation is inevitable and Lazydays — ranked among the top three or so RV businesses in the country — sees an opportunity to grow in the coming years. Camping World is the country's largest RV dealer with 115 stores.

Hence the land sale and the freeing up of $56 million. Lay said those funds would help finance growth, retire some higher-rate debt and reward shareholders. The company recently announced it was moving into the hybrid horse trailer and RV business, selling to the growing market of equestrian families.

The annual Florida RV Supershow, the area's major recreational vehicle show, opens for five days on Jan. 13 at the Florida State Fairgrounds in Tampa.

Lay calls the Supershow a "great barometer" for what's ahead in 2016.

Contact Robert Trigaux at rtrigaux@tampabay.com. Follow @venturetampabay.

Prepping for RV growth, Lazydays' land deal frees up $56M 01/05/16 [Last modified: Tuesday, January 5, 2016 9:09pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]