A buy-out group backed by a venture capital investment firm has acquired Hitcharama Recreational Vehicles, a long-time, full-service dealership in Turnersville, N.J., with nearly $20 million in annual sales.
According to a press release, Philadelphia-based Pret-Mose I LLC finalized the purchase of the RV retailer while Murex Investments, also of Philadelphia, provided the equity financing. Terms of the acquisition were not disclosed.
Hitcharama was founded in 1970 by a husband-and-wife team, and has grown steadily since being acquired in 1985 by the current sellers, brothers Michael and Alan Libove. The dealership sells a variety of motorhomes and towable products, including recreational park trailers.
“Hitcharama specialize in park model RVs that provide a wonderful opportunity for folks to have a Jersey Shore experience in an RV park near the water, but without paying shore rental or condo prices,” said outgoing president Michael Libove.
Michael Libove will serve as chairman of the board and Alan Libove will serve as a marketing consultant for the company. Pret-Mose is led by CEO Larry Waddell and Theodore C. LeBow, president and COO.
“Hitcharama’s commitment to customer service and its reputation in the marketplace give us a great place to start,” said LeBow.
Waddell was previously a managing director with SJF Ventures in Philadelphia, while LeBow was the CEO of CitySort, a full-service printing and specialty mail company in North Philadelphia.