Charter Equities, Inc. Completes First RV Dealership Acquisition
GILBERT, Ariz.--
Charter Equities, Inc. (Pink Sheets: CEQI) announced today that it has launched its RV dealership consolidation acquisition plan with the acquisition of Saddleback Recreational Vehicles, Inc., a highly visible recreational vehicle dealer in Colton, California. Saddleback operated from Irvine, California from 1991 before moving to its new, state-of-the-art, Colton dealership facility in 2006. Their new dealership includes a comfortable atmosphere and extensive service capabilities for the well-heeled RVer. With average annual sales of $24,938,000 the past four years, Saddleback has a recognized and well established presence in the RV dealership community. Saddleback has exclusive marketing territories for the following products or manufacturers: 5th Wheel Trailers by Carriage, Inc.; Toyhaulers by Dutchman; Class C and Class A motorhomes by Gulfstream and Four Winds, a division of Thor, and luxury motorhomes by Foretravel. Saddleback’s website is at www.saddlebackrv.com.
As a wholly owned subsidiary of Charter, Saddleback will continue to be managed by Michael Sebastian as Dealer Principal of the Saddleback dealership. Mr. Sebastian, Saddleback’s owner and operator since 1991, exchanged 100% of the stock of Saddleback for 25,000,000 shares of Charter common stock and the commitment by Charter to additional working capital contributions to Saddleback for operations and future acquisitions.
The Saddleback acquisition is the first step in Charter’s new plan to consolidate the RV dealership industry through public ownership in the model of the franchised new car dealer industry consolidation led by AutoNation , Penske Auto Group , Group 1 , Sonic , Asbury and Lithia . “Once we digest this Saddleback acquisition, it is our goal with the leadership of Mike Sebastian to complete two to three other RV dealership acquisitions in the next twelve months and to aggregate in excess of $150,000,000 in revenues over time,” said Charter President Mat Curtner.
In addition to the Saddleback acquisition, Charter currently invests in, owns and manages real estate in the Phoenix market through its other subsidiaries, Charter Investment Properties, Inc. and Charter Media and Marketing, Inc. with a website at www.charterequitiesgroup.com.
