Recreation USA Agrees to Purchase Four-Store Dealership Chain
5 October 2000
Recreation USA Agrees to Purchase Four-Store Dealership ChainAcquisition Adds Four Stores to Nationwide RV Dealer, Expands Southeast Presence FT. LAUDERDALE, Fla., Oct. 5 Recreation USA, the tradename for Holiday RV Superstores, Inc. , has signed an agreement to purchase Emerald Coast RV Center, Inc., the largest independent full-service retailer on the Gulf Coast with annual revenue in excess of $40 million. The Ft. Lauderdale, Fla. recreational vehicle and marine national retailer said the addition of Emerald Coast's four locations in Florida and Alabama further solidifies the Company's presence in the critical Southeast market. Once the acquisition is completed for a combination of cash, stock and notes, Recreation USA will operate 18 dealerships in eight states with annual revenue of approximately $250 million. "Emerald Coast RV Center is one of the premier RV dealerships in the country," said Michael Riley, chairman of Recreation USA. "Emerald Coast enjoys an excellent reputation for sales and service among its strong network of customers throughout the Gulf Coast." Founder Al Binford launched Emerald Coast in 1990, growing his dealership to four locations in Pensacola and Panama City Beach, Florida, and Dothan and Robertsdale, Alabama. Binford said that his company is recognized in the industry for its strong management training programs and its ability to set strategic leadership goals and standards. Emerald Coast operates four full-service repair centers utilizing state-of-the-art repair equipment and staffed by certified service technicians. It is authorized to handle warranty and insurance repairs as well as installations for most RV manufacturers and chassis makers. "We were particularly impressed with the parts and service operations of Emerald Coast and feel it will be a strong addition to the Recreation USA lineup," said Ronald G. Huneycutt, president and CEO of Recreation USA. "Recreation USA continues to view service as a significant opportunity based on ever-increasing consumer demand. "We see immense potential in filling this critical void in the marketplace and making it a profit center in the process. As Recreation USA continues to build a national brand that consumers recognize and trust, we are committed to offering full-service operations coast-to-coast. Our acquisition of Emerald Coast strengthens our geographic ability to do just that."