Camping World begins trading on NYSE
Published 9:55 pm Friday, October 7, 2016
Camping World Holdings Inc. raised $251 million in its initial public offering this week and will trade on the New York Stock Exchange under the ticker designation “CWH.”
Camping World, which entrepreneur David Garvin founded in Bowling Green, is the largest U.S. recreational vehicle dealer. Garvin, who later sold Camping World, died in 2014.
Tamara Ward, chief marketing officer for Camping World, 650 Three Springs Road, said Friday in an email to the Daily News that the company was declining interview requests.
Camping World said in a statement circulated in financial publications that it priced 11.4 million shares at $22 apiece, the midpoint of its indicated range of $21 to $23.
According to the IPO description listed on NASDAQ, Camping World believes about 9 million households in the U.S. own an RV, and the company has about 3.3 million active customers, or just about one-third of the potential market.
“We provide new and used RVs, repair parts, RV accessories and supplies, RV repair and maintenance services, protection plans, travel assistance plans, RV financing, and lifestyle products and services for new and existing RV owners,” the company description on NASDAQ said.
Camping World operates 120 retail locations in 36 states under the banners Camping World and Good Sam.
Good Sam, which the company said is the largest RV organization in the world, had about 1.7 million members as of June 30, the NASDAQ summary said.
Good Sam offers extended vehicle service contracts and insurance protection plans, roadside assistance, membership clubs and financing products.
The retiring baby boomers, who were born from 1946 to 1964, have helped the truck, tractor and trailering industry grow 7.5 percent over the past five years, according to data research organization IBIS World.
Camping World generated about $3.3 billion in sales last year, up from $1.5 billion in 2011, according to its filing with the U.S. Securities and Exchange Commission. It will use proceeds from the IPO to pay down its $695 million in long-term debt and for general corporate purposes.
The underwriters are Goldman Sachs Group, JPMorgan Chase, Bank of America and Credit Suisse Group.
Camping World will have three classes of common stock, with Class A and Class B shareholders having one vote per share. Chairman and Chief Executive Marcus Lemonis would retain 5 percent of total voting rights under ownership of Class C shares issued to his wholly owned Delaware limited liability company, ML RV Group, the company said in June before the IPO offering.
— Follow business reporter Charles A. Mason on Twitter @BGDNbusiness or visit bgdailynews.com.