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News/Releases : General Business
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Largest RV Dealership in New Jersey Acquired
Capital - PA/NJ
Description:
Pret-Mose I, LLC Has Completed the Leveraged Buyout of Hitcharama Recreational Vehicles, of Turnersville, New Jersey; The Transaction Represents a New Investment Model for Lead Investor, Murex Investments of Philadelphia
PHILADELPHIA, PA -- (MARKET WIRE) -- 01/16/2006 -- Pret-Mose I, LLC (Pret-Mose) announced the closing of its leveraged buyout of Hitcharama Recreational Vehicles (Hitcharama), an RV dealer in Turnersville, NJ with nearly $20 million in annual sales. Murex Investments (Murex) led the equity financing of Pret-Mose, though specific terms of the financing were not disclosed. Co-investors included new management and angel investors from the Philadelphia area. Pret-Mose is a buy-out group led by CEO, Larry D. Waddell, and President and COO, Theodore C. LeBow.
Pret-Mose represents a new strategy for Murex. Unlike its previous, more traditional venture capital investments, Murex started with only a modest investment in Pret-Mose. When Waddell and LeBow later returned with the Hitcharama opportunity, Murex made a more significant investment to help finance the acquisition. "Larry and Ted did a wonderful job pulling the entire transaction together," said Jim Jaffe, Managing Director of Murex. "We are excited to have them manage the day-to-day operations of Hitcharama."
Hitcharama was founded in 1970 by a husband-and-wife team, and has grown steadily since being acquired in 1985 by the current sellers, brothers Michael and Alan Libove. Hitcharama, the largest full service RV dealership in New Jersey, sells a variety of motor homes, travel trailers, park models, tent campers, and "5th wheel" trailers from manufacturers such as Fleetwood, Forest River (recently acquired by Berkshire Hathaway), and Skyline. Says outgoing president and owner Michael Libove, "Hitcharama specializes in Park Model RVs that provide a wonderful opportunity for folks to have a Jersey Shore experience in an RV park near the water, but without paying shore rental or condo prices." Michael Libove will serve as Chairman of the Board going forward, while Alan Libove will serve as a marketing consultant to the company.
The Pret-Mose management team has big plans. "We view Hitcharama as a platform for the future growth of Pret-Mose," says Waddell. Adds LeBow, "Hitcharama's commitment to customer service and its reputation in the marketplace give us a great place to start." Waddell was previously a Managing Director with SJF Ventures in Philadelphia, while LeBow was the CEO of CitySort, a full-service printing and specialty mail company in North Philadelphia.
Hitcharama Recreational Vehicles offers new and used RVs, rentals, on-site and field service, parts, financing, insurance and more. For more information, please visit www.hitchrv.com, or contact Larry Waddell at 856-629-7400 x128.
About Murex Investments:
Murex Investments (www.murexinvests.com) is a group of related investment funds providing capital to small businesses in the Mid-Atlantic region. The Murex model combines capital with low-cost technical assistance to help grow portfolio companies. A key Murex goal is using equity to increase employment and wealth in distressed communities. Murex is committed to a "double bottom line" of delivering competitive returns to its investors combined with social benefits to company employees. For more information on Murex, please contact Jim Jaffe at 215-951-7200 x 3061.
Contact:
Larry Waddell
CEO
Hitcharama RV
856-629-7400 x128
larryw@hitchrv.com
SOURCE: Hitcharama RV
Reply to: info@citybizlist.com
Date: 1/16/2006 11:17:24 AM
Contact:
Information Editor
info@citybizlist.com