FOR IMMEDIATE RELEASE
RV and Outdoor Recreation Leader, Affinity, Announces Strategic Financing
December 17, 2009
VENTURA, CALIF. (Dec. 17, 2009) – Affinity, the nation’s largest provider of outdoor recreation clubs, services, media and events, announced today that is has entered into a non-binding letter of intent with a private equity firm to fortify its capital structure. The transaction will provide $70 million in new funding and award the firm a future economic interest in Affinity.
“This new source of capital will allow Affinity to reinvigorate its growth strategy and put the company on a more secure financial footing going forward,” said Mike Schneider, CEO of Affinity. “In spite of the severe downturn in the RV industry this last year, we are pleased the company has come through this difficult period and will now be able to grow with the industry’s anticipated recovery.”
A multi-media company, Affinity is well known for managing several membership clubs including the Good Sam Club, the world’s largest RV owner’s organization, in addition to operating numerous consumer and business websites, publications and shows for RV, powersports and marine enthusiasts.
The company also owns Camping World, the largest after market retailer in the RV industry with over 75 locations throughout the United States.
About Affinity
Affinity, www.affinitygroup.com, is the nation’s largest provider of outdoor clubs, services, media and events that service the safety, security, comfort and convenience needs of the North American recreational vehicle (RV) and outdoor enthusiast market. By providing information, insights, and resources, the company champions the fun, freedom, and adventure of recreation in motion. The company works to enhance its customers’ recreational experiences and build the communities that share and promote their fun and adventurous lifestyles.
Affinity is organized into four different business units – Affinity Media, Affinity Clubs, Affinity Events and Affinity Ventures. Their corporate headquarters are located in Ventura, Calif. Subsidiary operations and divisions can be found at multiple locations throughout the United States.
“This new source of capital will allow Affinity to reinvigorate its growth strategy and put the company on a more secure financial footing going forward,” said Mike Schneider, CEO of Affinity. “In spite of the severe downturn in the RV industry this last year, we are pleased the company has come through this difficult period and will now be able to grow with the industry’s anticipated recovery.”
A multi-media company, Affinity is well known for managing several membership clubs including the Good Sam Club, the world’s largest RV owner’s organization, in addition to operating numerous consumer and business websites, publications and shows for RV, powersports and marine enthusiasts.
The company also owns Camping World, the largest after market retailer in the RV industry with over 75 locations throughout the United States.
About Affinity
Affinity, www.affinitygroup.com, is the nation’s largest provider of outdoor clubs, services, media and events that service the safety, security, comfort and convenience needs of the North American recreational vehicle (RV) and outdoor enthusiast market. By providing information, insights, and resources, the company champions the fun, freedom, and adventure of recreation in motion. The company works to enhance its customers’ recreational experiences and build the communities that share and promote their fun and adventurous lifestyles.
Affinity is organized into four different business units – Affinity Media, Affinity Clubs, Affinity Events and Affinity Ventures. Their corporate headquarters are located in Ventura, Calif. Subsidiary operations and divisions can be found at multiple locations throughout the United States.