Charter Equities Expands Discussions with Acquisition Candidates
GILBERT, Ariz.--Charter Equities, Inc. (PinkSheets: CEQI) announced today that since the release of its Plan to consolidate RV dealerships and the recent acquisition of Saddleback Recreational Vehicles, Inc. www.saddlebackrv.com pursuant to that Plan, Charter continues to be contacted by suitable prospective sellers including further direct contact with a group in the Southwest with an aggregate of approximately $200,000,000 of annual sales revenues and a chain of thirteen stores in the Southeast also doing approximately $200,000,000 in annual sales.
“Discussions have progressed with a single point dealer in California to the point of a draft Letter of Intent going to a final that is expected to be signed shortly,” said Mat Curtner, President of Charter. “We continue to be impressed by the interest in our consolidation plan and strongly believe that the timing is ideal for a consolidation of the RV dealership industry,” Curtner said.
The Charter Consolidation Plan reveals that the United States recreation vehicle industry is a $16 billion a year industry that caters to the travel and leisure needs of an estimated 30 million RV enthusiasts by selling and servicing recreation vehicles. The Recreation Vehicle Industry Association (RVIA) lists the number of new RVs shipped to dealers in a range between 256,000 up to 384,400 per year since 2001.
Saddleback is a highly visible recreational vehicle dealer in Colton, California. Saddleback operated from Irvine, California from 1991 before moving to its new, state of the art, Colton dealership facility in 2006. Their new dealership includes a comfortable atmosphere and extensive service capabilities for the well-heeled RVer. With average annual sales of $24,938,000 the past four years, Saddleback has a recognized and well established presence in the RV dealership community. Saddleback has exclusive marketing territories for the following products or manufacturers: 5th Wheel Trailers by Carriage, Inc.; Toyhaulers by Dutchman; Class C and Class A motorhomes by Gulfstream and Four Winds, a division of Thor, and luxury motorhomes by Foretravel.
As a wholly owned subsidiary of Charter, Saddleback will continue to be managed by Michael Sebastian as Dealer Principal of the Saddleback dealership with the added responsibility of identifying potential acquisition candidates.
In addition to Saddleback and the RV acquisition plan, Charter currently invests in, owns and manages real estate in the Phoenix market through its other subsidiaries, Charter Investment Properties, Inc. and Charter Media and Marketing, Inc. www.charterequitiesgroup.com