Employees of Lazydays RV SuperCenter in Seffner, Fla., will share $29 million as a result of the successful completion of the sale of the world’s largest RV dealership to private equity firm Bruckmann, Rosser, Sherrill & Company LLC (BRS) of New York.
Prior to the sale, which was finalized last week, Lazydays was an employee-owned company through an Employee Stock Ownership Program started in 1995. The $29 million available as a result of the sale to BRS will be distributed to Lazydays employees based on their allocated shares at the date of closing, the company reported Thursday (May 20).
“This is one of the five happiest days of my life,” said Don Wallace, president and CEO of Lazydays. “I have looked forward for many years to rewarding the people who have made Lazydays what I consider to be one of the best companies in the world.”
Lazydays currently employs over 700 people at its I-4 location east of Tampa. Wallace, the company’s founder, will continue to serve as the dealership’s president and CEO and he will remain a significant shareholder.
Added Wallace, “Together with BRS, Lazydays will establish a new employee ownership plan in order to maintain the culture that has been so successful for us. We look forward to doing this all over again.”
The BRS investment will accelerate Lazydays’ continued growth, enhance its customer service and further its leadership position in the RV industry with added capital and support.
Lazydays, with sales of over $750 million in 2003, is on track to become the first single-site dealership in the RV industry to achieve $1 billion in annual sales, Wallace said.
“Our unsurpassed focus on customer service will remain unchanged,” he said, adding: “I believe we are the world’s largest RV dealer because the customer is the focus of our company. We will continue this focus and work every day to become better. I am confident we will soon surpass our $1 billion goal.”