Lazy Days RV Center, Inc.

Company Background:

Lazy Days RV Center, Inc., the world’s largest recreational vehicle dealership operating out of a single superstore, was a privately held company with 70% ESOP-ownership.

Services Provided:

Capital Structuring

Restructuring Advisory

Situation

Lazy Days was facing bankruptcy and sought to recapitalize the business.

Transaction Overview

Candlewood Partners represented the buyer in negotiating the terms of the recapitalization, and structured and syndicated $212.5 million of senior and subordinated financing for the transaction. As a major component of the restructuring negotiations, Candlewood performed extensive financial modeling and delivered a comprehensive valuation, liquidation, and bankruptcy analysis. The financing consisted of $110 million of senior notes from a five-member bank group, a $65 million commitment for inventory financing, and $37.5 million of senior subordinated notes purchased by five institutional investors. Benefits to the principal selling shareholder included tax deferral of the sale proceeds, a significant incentive compensation package, as well as meaningful equity interest in the successor company.

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Candlewood Partners, LLC

Established 2001

Cleveland Office: (216) 472-6660

600 Superior Ave. East, Suite 1800

Cleveland, OH 44114

New York Office: (212) 655-9310

477 Madison Avenue, Suite 600

New York, 10022

Securities offered through Candlewood Securities LLC, Member FINRA, Member SIPC and the affiliated broker-dealer of Candlewood Partners LLC. Broker Check

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