Friday, December 18, 2009

Affinity Group, Get New Funding

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.
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