FORT LAUDERDALE, Fla., Oct. 22, 2018 /PRNewswire/ -- RV Retailer, LLC announced today that it signed an agreement to acquire RV One Superstores (www.rvone.com) from Don Strollo, who will continue to lead RV One Superstores and will retain a significant ownership stake in the business. RV One is the #5 volume RV dealer in the United States, #1 volume RV dealer in New York and #3 volume RV dealer in Florida.
RV One sold approximately 8,000 RVs in 2017. RV One, which was founded 34 years ago by the Strollo family, currently retails new and used motorhome and towable RVs from 5 stores in Orlando and Tampa, Florida, Albany and Buffalo, New York and Des Moines, Iowa. RV One anticipates completion of new state-of-the-art RV sales and service facilities in Orlando, Tampa and Sarasota by year-end. Upon completion of these facilities, RV One will have a total of 7 stores and is well positioned for strong future growth.
"We are excited to partner with Don Strollo, who has led the extraordinary growth of RV One from $9 million in annual revenue to $400 million over the last 25 years. We look forward to working with the entire RV One management team, including Mark Strollo and Matt Strollo, that leads one of the premier RV dealers in the country," said Jon Ferrando, President and CEO of RV Retailer. "We welcome RV One's 430 dedicated and talented associates to the RV Retailer family. We will continue to operate the business under the RV One retail brand name."
Jon Ferrando added, "We are pleased to enter Florida, New York and Iowa with RV One's leading position in its markets, its investments in first-rate new RV facilities, and the superior RV product mix offered by RV One. We look forward to continuing the strong growth track record of RV One in these markets and elsewhere. Upon completing the acquisition of RV One and our previously announced acquisition of ExploreUSA, RV Retailer will have 17 stores in Texas, Florida, New York and Iowa with approximately $900 million in annual revenue."
"The RV Retailer team continues to execute on our business plan to build a premier RV dealership platform," said Patrick Sissman, Vice President at Redwood Capital Investments, RV Retailer's capital partner. "We are excited about the addition of RV One, as well as Don Strollo and his management team, to expand our platform to attractive markets in Florida, New York and Iowa."
"I'm truly excited to partner with Jon Ferrando and the RV Retailer team to build the premier RV retail business in the United States," said Don Strollo, CEO of RV One. "This is a transformational acquisition in the RV industry. I am proud of what RV One has accomplished, and excited about the future with RV Retailer. Together we are in an excellent position to capitalize on significant growth opportunities for the business while providing excellent career opportunities for our RV One associates. I also look forward to continuing our outstanding relationships with our valued RV manufacturer partners."
"We look forward to working with Don and the whole RV One management team," said John Rizzo, Executive Vice President and CFO of RV Retailer. "We expect to complete the transaction in the fourth quarter 2018, following manufacturer approvals and other customary conditions to closing."
About RV Retailer, LLC
RV Retailer, LLC was founded in 2018 to create a leading recreational vehicle retail company in the United States with a focus on providing an outstanding experience for RV customers in new and used sales, service and parts, and customer financial services. Upon completion of the acquisitions of RV One and ExploreUSA, RV Retailer will have 17 RV stores in Texas, Florida, New York and Iowa with $900 million in annual revenue, including Motor Home Specialist the #1 volume motor home dealer in the world. RV Retailer's capital partner is Redwood Capital Investments. RV Retailer is led by Jon Ferrando, Chief Executive Officer and President, and John Rizzo, Executive Vice President, Chief Financial Officer and Treasurer. Jon Ferrando and John Rizzo were instrumental in building America's largest automotive retailer from start-up to over $20 billion in revenue and collectively have over 25 years of experience in automotive and RV retail and over 50 years of experience building and growing industry leading businesses. According to Statistical Surveys, Motor Home Specialist was the #1 volume motor home dealer in the U.S. in 2017. RV Retailer is actively seeking new acquisitions and organic growth opportunities.
About Redwood Capital Investments
Redwood Capital Investments is the private investment company for the founders of Allegis Group. Redwood partners with founders, family-business owners and management teams to build best-in-class companies over the long-term. Redwood has a diverse portfolio of operating company investments across the consumer, transportation, distribution and telecom sectors.
Jon Ferrando, (954) 414-0371
SOURCE RV Retailer, LLC