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Good Sam Enterprises
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Good Sam Enterprises
Good Sam Enterprises (formerly Affinity Group or AGI) is a provider of membership clubs, as well as subscription-based products, services and publications, targeted toward recreational vehicle and other outdoor enthusiasts in the United States and Canada. Additionally, the company operates 187 stores of Camping World, a leading RV-related specialty retailer, and RV.net, an RV-focused website.
The company is the composite of several distinct businesses acquired through a leveraged buildup in the 1980s and 1990s and traces its earliest predecessors back to 1935.
The company is based in Lincolnshire, Illinois with major operations in Englewood, Colorado and is owned by Camping World.
AGI's antecedents date back to 1935, with the first publication of Woodall's Travel Trailer Magazine, followed by the publication of the first Woodall's directory in 1948. The Good Sam Club was founded in 1966, the same year that the first Camping World location opened in Bowling Green, Kentucky. Coast to Coast Resorts (“Coast to Coast”) and the Golf Card were introduced in 1972 and 1974, respectively.
On December 23, 1988, the direct predecessor of AGI acquired a company called American Bakeries Company, owned by investor Stephen Adams, for approximately $138 million.[citation needed] Adams was a noted private equity investor in the 1980s completing rollups of billboard assets to form Adams Outdoor Advertising and he also owns or has owned various banking, bottling, publishing as well as television and radio companies. At the time of the merger, the sole operating assets of American Bakeries Company were TL Enterprises, Inc. and Camp Coast to Coast, Inc. These entities consisted of what is today the Good Sam Club, Coast to Coast, AGI's subscription-based products and services business and the Company's RV-related publications, with the exception of the Woodall's titles.
From 1990 through 1997, the Company made a number of significant acquisitions that expanded AGI's scale and presence. In 1990, the Company acquired Golf Card International, Inc. for approximately $18 million. Subsequently, in May 1994, AGI acquired Woodall Publishing Company, L.P. and Woodall World of Travel, L.P. (collectively Woodall's) for approximately $11.5 million.
In October 1993, AGI completed a leveraged recapitalization consisting of a $50 million credit facility and a $120 million of 11½% AGI senior subordinated notes due 2003. As part of the recapitalization, Stephen Adams increased his fully diluted ownership from approximately 71% to approximately 97%.
In 1995, AGI acquired San Francisco Thrift and Loan (founded in 1982) and the company's headquarters were relocated to Ventura, California. In 1997 the bank was renamed Affinity Bank and in 1999, AGI transferred ownership to Affinity Bank Holdings, Inc. a separate entity controlled by Adams.
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Good Sam Enterprises
Good Sam Enterprises (formerly Affinity Group or AGI) is a provider of membership clubs, as well as subscription-based products, services and publications, targeted toward recreational vehicle and other outdoor enthusiasts in the United States and Canada. Additionally, the company operates 187 stores of Camping World, a leading RV-related specialty retailer, and RV.net, an RV-focused website.
The company is the composite of several distinct businesses acquired through a leveraged buildup in the 1980s and 1990s and traces its earliest predecessors back to 1935.
The company is based in Lincolnshire, Illinois with major operations in Englewood, Colorado and is owned by Camping World.
AGI's antecedents date back to 1935, with the first publication of Woodall's Travel Trailer Magazine, followed by the publication of the first Woodall's directory in 1948. The Good Sam Club was founded in 1966, the same year that the first Camping World location opened in Bowling Green, Kentucky. Coast to Coast Resorts (“Coast to Coast”) and the Golf Card were introduced in 1972 and 1974, respectively.
On December 23, 1988, the direct predecessor of AGI acquired a company called American Bakeries Company, owned by investor Stephen Adams, for approximately $138 million.[citation needed] Adams was a noted private equity investor in the 1980s completing rollups of billboard assets to form Adams Outdoor Advertising and he also owns or has owned various banking, bottling, publishing as well as television and radio companies. At the time of the merger, the sole operating assets of American Bakeries Company were TL Enterprises, Inc. and Camp Coast to Coast, Inc. These entities consisted of what is today the Good Sam Club, Coast to Coast, AGI's subscription-based products and services business and the Company's RV-related publications, with the exception of the Woodall's titles.
From 1990 through 1997, the Company made a number of significant acquisitions that expanded AGI's scale and presence. In 1990, the Company acquired Golf Card International, Inc. for approximately $18 million. Subsequently, in May 1994, AGI acquired Woodall Publishing Company, L.P. and Woodall World of Travel, L.P. (collectively Woodall's) for approximately $11.5 million.
In October 1993, AGI completed a leveraged recapitalization consisting of a $50 million credit facility and a $120 million of 11½% AGI senior subordinated notes due 2003. As part of the recapitalization, Stephen Adams increased his fully diluted ownership from approximately 71% to approximately 97%.
In 1995, AGI acquired San Francisco Thrift and Loan (founded in 1982) and the company's headquarters were relocated to Ventura, California. In 1997 the bank was renamed Affinity Bank and in 1999, AGI transferred ownership to Affinity Bank Holdings, Inc. a separate entity controlled by Adams.
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