Recreation USA Acquires One of the Largest RV Dealerships in California
24 October 2000
Recreation USA Acquires One of the Largest RV Dealerships in California
Nationwide Retailer Expands West Coast Presence
With Second Major Acquisition in a Month
FT. LAUDERDALE, Fla., Oct. 24 Holiday RV Superstores, Inc.
, operating under the tradename Recreation USA, has signed a
definitive agreement, subject to due diligence, to purchase Village RV, Inc.,
one of the largest independent, full-service recreational vehicle dealerships
in California.
The Ft. Lauderdale, Fla. RV and marine national retailer said the addition
of Roseville-based Village RV, which had annual revenues of approximately $45
million, strengthens the Company's presence in the crucial West Coast market.
Once the acquisition is complete, Recreation USA will operate 19 dealerships
in eight states with annual revenue of approximately $300 million.
"Village RV enjoys an excellent reputation for quality service and sales,
making it an ideal acquisition to further extend our brand into the West Coast
market," said Michael Riley, chairman of Recreation USA. "We recognize that
the West Coast is an important market for recreational vehicles and feel that
the addition of Village RV will give us a great footprint to build on."
The Village RV transaction is the second major acquisition for Recreation
USA in the month of October. The Company, which added four stores in Florida
and Alabama when it agreed to buy Emerald Coast RV, continues to add
dealerships as part of an aggressive consolidation strategy that has
established Recreation USA as the leading national brand for sales and service
among RV dealerships.
Partners Bruce Cooper and Rich Gray founded Village RV in 1989 and
together have 50 years of combined experience in the RV industry and in other
entrepreneurial pursuits. Village RV has received numerous customer service
awards, including the Circle of Excellence Award from Winnebago and the
Commitment to Excellence Gold Medal Award from Skyline, both for the past five
years. The dealership offers state-of-the-art service facilities operated by
factory-trained technicians and remains dedicated to providing the highest
level of service in California.
"Even though RV owners tell us that service numbers among their top
concerns, many dealerships do not focus their attention or resources on this
high-demand area," said Ronald G. Huneycutt, president and CEO of Recreation
USA. "We view service as a tremendous opportunity to meet an area of critical
need for our customers. Recreation USA is committed to building a reputation
as the only national RV dealer that can provide full-service repair facilities
from coast-to-coast.
"Village RV demonstrates the same dedication to providing high-quality
service to its customers. This addition expands and strengthens our service
operations on the West Coast, much the same as our recent acquisition of
Emerald Coast does for our Southeast region."
With the additions of Emerald Coast and Village RV, Recreation USA will
operate 19 dealerships in Alabama, California, Florida, Kentucky, New Mexico,
South Carolina, Virginia and West Virginia. Recreation USA, the nation's only
publicly traded national retailer, sells, services and finances more than 60
RV and 10 boat brands. The Company also markets its offerings through its
Internet site at http://www.RecUSA.com .
The statements contained in this news release include certain predictions
and projections that may be considered forward-looking statements under
security laws. These statements involve a number of risks and uncertainties
including, but not limited to, the performance of the recreational vehicle or
boat industries, certain customers or affiliated companies, other economic,
competitive, governmental and technological factors affecting the Company's
operations, markets, products, services and prices, that could cause results
to differ materially.