> SUBSCRIBE FOR FREE! 

The merger of membership-based campgrounds firm Thousand Trails Inc. with an affiliate of private equity firm Kohlberg & Co. was approved today (July 22) by Thousand Trails’ shareholders.
It is anticipated the merger will become effective Wednesday (July 23) and that Thousand Trails, an American Stock Exchange-listed company, will become a wholly owned subsidiary of Kohlberg’s affiliate and a privately held company.
Under the terms of the merger agreement, the holders of Thousand Trails stock will be paid $14.50 a share, a 55% premium above the stock’s closing price of $9.35 on April 29, the day before the merger plan was announced.
Thousand Trails stock closed at $14.40 on Monday (July 21).
The total value of the transaction is $113.7 million, according to Securities & Exchange Commission documents.
Thousand Trails management, headed by President and CEO Bill Shaw, will continue running the company on a day-to-day basis. Thousand Trails currently has 110,000 members at 59 membership-based camping preserves in 17 states and British Columbia, Canada. Thousand Trails also provides a reciprocal-use program for members of around 280 recreational facilities and manages 240 public campgrounds for the U.S. Forest Service and other entities.