Good Sam Enterprises
| Company type | Subsidiary |
|---|---|
| Industry | Outdoor recreation, retail, publishing |
| Predecessor | Affinity Group (AGI) |
| Founded | 1935 |
| Headquarters | Lincolnshire , United States |
Area served | United States, Canada |
Key people | Marcus Lemonis (CEO) |
| Products | Membership clubs, subscription services, RV specialty retail, publications |
| Parent | Camping World Holdings, Inc. |
Good Sam Enterprises (previously known as Affinity Group or AGI) delivers membership clubs, subscription services, products, and publications tailored for outdoor and recreational vehicle enthusiasts across the United States and Canada. The enterprise manages 187 Camping World retail locations, recognized as a top RV specialty retailer, along with RV.net, a website dedicated to RV content.
Originating from acquisitions made during the 1980s and 1990s, Good Sam’s history dates back to 1935. Its corporate headquarters are located in Lincolnshire, Illinois, with significant operational facilities situated in Englewood, Colorado. The company is a subsidiary of Camping World Holdings, Inc.
History
The foundation of AGI can be traced to 1935 with the launch of Woodall's Travel Trailer Magazine and the initial Woodall's directory published in 1948. The Good Sam Club was established in 1966, coinciding with the opening of the inaugural Camping World store in Bowling Green, Kentucky. During the early 1970s, Coast to Coast Resorts and the Golf Card were introduced to the market.
On December 23, 1988, AGI’s predecessor completed the acquisition of American Bakeries Company from investor Stephen Adams for approximately $138 million. Adams, a notable figure in private equity known for consolidations in billboard advertising and other industries, held control over crucial assets such as TL Enterprises (operator of Good Sam Club) and Camp Coast to Coast subscription services.
Between 1990 and 1997, AGI pursued growth through several acquisitions: Golf Card International was purchased for $18 million in 1990; Woodall Publishing was acquired for $11.5 million in 1994; Camping World was obtained for $123 million; and Ehlert Publishing was bought for $22.3 million in 1997. A leveraged recapitalization executed in 1993 increased Adams’ stake from 71% to 97%.
In 1995, AGI acquired San Francisco Thrift and Loan and subsequently moved its headquarters to Ventura, California. The bank was rebranded as Affinity Bank before being shut down by regulators in 2009 while holding assets totaling $1 billion.
To address financial obligations, AGI secured $200 million through senior secured credit facilities in 1998 and finalized a $52.3 million property sale-leaseback transaction in 2001. Nevertheless, on August 15, 2009, AGI failed to make a $6.2 million interest payment; this event led Standard & Poor’s to downgrade its credit rating due to elevated leverage levels and constrained liquidity.
In May 2011, AGI adopted the Good Sam Enterprises name. By 2013, Ehlert Publishing was divested and remained under the control of the Adams family.
Camping World conducted an initial public offering in October 2016, raising $251 million by selling 11.4 million shares at $22 per share. CEO Marcus Lemonis shares ownership with private equity firm Crestview Partners and retains significant influence through ML Acquisition and ML R.V. Group.
See also
External links
- Affinity Group, Inc. (Official website)
- Yahoo Finance Profile
- Affinity Group Holding Inc. -- Company History
- RV Owners Make Themselves at Home on the Road. Los Angeles Times, January 22, 2001