SEFFNER — A New York City-based acquisitions company is buying Seffner-based Lazydays R.V. Center and its subsidiaries for $115 million, a sales price consisting of $85 million in cash and 2.9 million shares of the combined company.
"The merger 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," William Murnane, CEO of Lazydays, said in a release. He will continue to be CEO of the company.
Founded in 1976 with two travel trailers and $500, Lazydays grew to call itself the largest RV dealership in the world, offering RVs to rent and buy. It was founded by Herman Wallace. But it was built up by son and prominent area businessman Don Wallace, who would sell it in 2004. Its revenue for 2016 was $564 million.
The newly-consolidated company will be called Lazydays Holdings Inc. and will trade on the Nasdaq market under the new ticker symbol LAZY.
The company was acquired from private investment funds managed by Wayzata Investment Partners LLC and other shareholders. The sale is expected to close in the first quarter of 2018.
As part of the acquisition, the RV company will refinance its debt "with a new $20 million facility."
The company currently operates on 126 acres of land in Hillsborough County. It sold the sizeable parcel in 2016 for $56 million in an effort to invest in what its leadership saw as a booming RV market.
It later opened a 20,000-square-foot Lazydays RV Accessories & More store in Tampa to sell RV accessories and decor, as well as help owners become better RV drivers.
Contact Malena Carollo at firstname.lastname@example.org or (727) 892-2249. Follow @malenacarollo on Twitter.