Dallas-based RecNation Storage, a leading owner, operator, and developer of specialized recreational vehicle and marine storage facilities, has amended and increased its revolving credit facility to borrow up to $500 million.
RecNation said the facility was led by Truist Securities and was expanded and upsized to include seven additional banks: Goldman Sachs, Morgan Stanley, RBC Bank, Raymond James, Key Bank, TBK Bank, and Citizens Bank.
“I could not be more pleased with the broad and significant commitment level we received from our partners which demonstrates strong conviction in our overall strategy and business execution,” RecNation founder and “Chief Camper” Gary Wojtaszek said in a statement.
“Closing this deal was especially rewarding given how difficult the current lending market has become,” he added. “It’s a testament to the strength of the business we have created and I’m grateful that many longtime capital partners see the opportunity we are creating at RecNation. In a relatively short time, we have created a dominate position in the boat and recreational vehicle market that is growing very quickly.”
Expanding to offer rental, sales, and repair support
RecNation said it is the first institutional grade specialized storage company created to serve the growing need for RV & boat storage.
It focuses on designing, building, and operating premium recreational and marine storage facilities, as well as developing full-service recreational hubs across the country to grow a national community of outdoor enthusiasts.
RecNation has quickly expanded its footprint to serve a growing base of customers who want safe, secure storage for their larger toys. The company now has 47 facilities spread across six states.
RecNation also expanded its product offering and now provides customers with the ability to rent their RV and monetize their vehicles which the company said is equivalent to an “Airbnb” for RVs.
It said that in the coming months, RecNation plans to start a RV resale program, in which RecNation provides marketing and sales support to customers interested in selling their RVs as well as an onsite cleaning and repair service for the convenience of RecNation’s customers.
“This new facility gives us substantial liquidity at attractive interest rates to continue to fund our ongoing acquisition and development efforts,” Chief Financial and Operating Officer Michael Schwartz said in a statement. “In light of the current market conditions, we plan to prosecute the opportunities this challenging environment is creating to deliver very attractive returns.”
RecNation said it hired Truist Securities to serve as administrative agent. Haynes Boone acted as legal counsel to RecNation and Holland & Knight LLP acted as legal counsel for the banking group.
Nationalizing a mom-and-pop business model
Last year, founder Wojtaszek told Dallas Innovates the story behind his launch of RecNation following his departure as head of Dallas-based data bank developer CyrusOne.
When he left his longtime post as president and CEO of CyrusOne, he and his wife had an escape plan—to fly to Italy, rent a house for six months, and tour Europe. Then the COVID-19 pandemic happened and shut down the world.
Instead, the couple bought an Airstream camper in Florida, towed it to Dallas, and went to Plan B, “The proverbial road trip to go camping out west.”
But once they got to Dallas to prepare for the trip, they discovered the Airstream was too big to park at their home and Wojtaszek said he couldn’t find any storage options that suited him.
“We talked to other folks with boats, and they were saying the same thing,” he told Dallas Innovates in 2022. “One thing led to another and we started up this new business focused on boat and RV storage. Lucky or good, we hit it just right and the market kind of exploded.”
Wojtaszek began acquiring RV and marine storage businesses across Texas, with a goal of “institutionalizing” what has long been a mom-and-pop business nationwide.
In 2022, he announced a joint venture led by funds affiliated with New York-based Centerbridge Partners—as well as entities affiliated with Wojtaszek’s own WOJO Capital Partners. Soon the venture accelerated into a national platform dedicated to serving recreational and marine storage enthusiasts across the nation.
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