Camping World (CWH) IPO Opens Up 8%

Today's IPO for Camping World (NYSE: CWH) opened for trading at $23.75 after pricing 11,363,636 shares of its Class A common stock at a public offering price of $22 per share, the middle of the expected $21-$23 range.

Goldman, Sachs & Co. and J.P. Morgan are serving as joint lead book-running managers and as representatives of the underwriters for the offering. BofA Merrill Lynch and Credit Suisse are also acting as joint book-running managers for the offering. Baird, KeyBanc Capital Markets, Wells Fargo Securities and Stephens Inc. are acting as co-managers for the offering.

Camping World Holdings, Inc., is the only provider of a comprehensive portfolio of services, protection plans, products and resources for recreational vehicle (“RV”) enthusiasts. Through its two iconic brands, Camping World and Good Sam, the company offers new and used RVs for sale, vehicle service and maintenance along with more than 10,000 products and services through our retail locations and membership clubs. Good Sam branded offerings provide the industry’s broadest and deepest range of services, protection plans, products and resources while the Camping World brand operates the largest national network of RV-centric retail locations in the United States through 120 retail locations in 36 states and an e-commerce platform. With both brands founded in 1966, product and service offerings are based on 50 years of experience and customer feedback from RV enthusiasts.

Summary of 2015 financial performance and key metric

• Active Customer database had approximately 3.1 million customers on December 31, 2015, representing a 4.9% five-year compound annual growth rate ("CAGR");
• total revenue was $3,333.3 million for the fiscal year ended December 31, 2015, representing a 21.3% five-year CAGR;
• net income was $178.5 million for the fiscal year ended December 31, 2015, representing a 139.8% five-year CAGR; and
• Adjusted EBITDA was $253.7 million for the fiscal year ended December 31, 2015, representing a 25.6% five-year CAGR.

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