Dealership chain Holiday RV Superstores Inc. saw its stock price more than double during the abbreviated trading session on Friday (Nov. 29).
Holiday RV’s stock gained $1.58 a share, or 111%, to close at $3.00.
The company’s stock price soared higher apparently because of the announcement issued midway through the trading session on Wednesday (Nov. 27) that it had signed an agreement to acquire the five-location Holiday Kamper and Boats dealership group in the Carolinas, which would double the number of Holiday RV-owned locations to 10.
Eleven thousand Holiday RV shares changed hands Friday, unusually high volume for the normally thinly traded stock.
Holiday Kamper, owned by Kent Lester, is a 20-year-old company with dealerships in Charleston, Columbia, Greenville and Myrtle Beach, S.C., and one located in a Bass Pro Shops store in suburban Charlotte, N.C.
Completion of the Holiday Kamper acquisition is “subject to definitive documentation and third-party consensus,” Holiday RV said in a statement.
Holiday RV also announced on Wednesday it will sell its dealership location in Bakersfield, Calif.
The two transactions are a part of Holiday RV’s decision to “refocus its operations in the Eastern and Central portions of the U.S.,” said Marcus Lemonis, chairman and CEO.
Terms of the transactions were not revealed.
In addition to the Holiday Kamper locations, Holiday RV operates dealerships in Clermont, Fla., Las Cruces, N.M., Lexington, Ky., Prosperity, W.Va., and Spartanburg, S.C.