Note: This story was updated on August 16, 2022, to reflect the rebranding of Recreational Realty to its new name, RecNation.
Dallas-based RecNation, a leading owner, operator, and developer of RV and marine storage facilities, has made news recently by expanding into Florida and making several leadership hires. Now it’s lined up a pathway to further acquisitions and growth by securing a $300 million credit facility.
The startup—founded in 2020 by former CyrusOne CEO Gary Wojtaszek—announced it secured the syndicated revolving credit facility led by Truist Securities and Citizens Bank. The facility allows RecNation to borrow up to $300 million assuming certain conditions are met.
“This new facility gives us substantial liquidity at attractive interest rates to fund both acquisition and development efforts, solidifying our leading position in the industry,” founder and CEO Wojtaszek said in a statement. “In the past several months, we’ve made a number of exceptional senior hires, dramatically scaled our business and executed our strategy of delivering specialized facilities—and we’re just getting started.”
Recent Texas and Florida expansions
In December, the startup partnered with Centerbridge Partners and WOJO Capital Partners to accelerate its growth into a national platform. Earlier this month, RecNation announced its expansion into destinations throughout Texas and Florida—including the acquisition of eight facilities in the Houston area and 11 facilities in Florida situated near major waterways, beaches, and attractions.
Once those transactions are complete, the company says it will own and operate 30 “premium-grade” storage facilities comprising 3.2 million square feet of leasable space across the two states.
With the help of the $300 million credit facility, RecNation plans to expand to an additional 150 locations over the next two years—using the credit facility’s proceeds “to finance future acquisitions and support the company’s development initiatives, while broadening its service offerings.”
“Now we are rolling,” Wojtaszek told Dallas Innovates.
Key leadership hires
Last month, RecNation made six senior leadership hires, including naming former CyrusOne VP of finance Mike Schwartz (top left) as its new chief financial and operating officer.
In addition to Schwartz, the company announced five other new senior hires:
• Theresa Chareunsab joined as VP of customer success and operations. She most recently led the information systems team at CyrusOne.
• Tom Berry joined as VP of financial planning and analysis. He most recently led investor relations efforts for Ribbon Communications, and previously held finance roles with CyrusOne and Hewlett Packard Enterprise.
• Tom Stimmel joined as operations manager. He recently oversaw all Houston data center operations as regional director at CyrusOne.
• Amit Rai joined as an accounting advisor. Rai is the founder and Principal of myController.
• Sahil Rai joined as the controller to the company. Rai is also an adviser with myController, where he has previously served as the controller for several high-growth companies.
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