Recreational vehicle services giant Camping World plans to add a Delaware location.
The company announced that it is set to acquire Hitch RV. The acquisition includes a location in Milford. The agreement is expected to close in the third quarter.
Marcus Lemonis, CEO of Camping World stated, “Hitch RV has been proudly serving the Mid-Atlantic region for over 15 years, and we’re excited to have Tim Waters join our management team as we expand in the Northeast. This acquisition brings us into Delaware for the first time, marking the entrance into our 43rd state while adding to our leading market share positions in both Pennsylvania and New Jersey.”
Lemonis is a celebrity CEO who is best known for The Profit TV show on the cable network CNBC. The show features Lemonis investing and giving advice, often to troubled companies.
The Delaware site is located at 2152 Bay Road Route 1 in Milford. The Pennsylvania facility is in Boyertown, and the New Jersey facility site is in Berlin. A Hitch location in Columbia, SC, was not listed as part of the sale.
Camping World is a publicly traded company that was spun out of the varied holdings of Minnestota’s Adams family, with Lemonis owning a chunk of the RV giant. Camping World Holdings include the Good Sam RV membership club. Annual sales are approaching $7 billion.
The recreational vehicle sales market has cooled after a boom brought on by the Covid-19 pandemic. That provides an opportunity for Camping World to add dealers and profit from maintenance and other services while waiting for the next upturn on the sales side.
At about the same time as the Hitch deal was announced, Camping World acquired dealerships in Washington state.
Adams family interests that came out of investments in the banking industry, include Napa Valley and French wineries, billboard companies, radio stations covering the Salisbury, MD-Sussex County market, and a nationwide chain of small town newspapers that include the weekly Newark Post and nearby Cecil Whig in Elkton, MD.
Family patriarch Stephen Adams keeps a low profile and escapes mentions in rankings of family and personal wealth.
