Lemco Sale is Completed
April 8, 2005
Filed under Uncategorized
Ride Now Powersports Management Group has acquired Lemco Management Group, the nation's largest motorcycle dealer training group. The sale closed on Monday, April 4, 2005. Terms were not disclosed.
In a related move, Sam Dantzler, president and CEO of Lemco, has reached an agreement in principle to purchase 25% of Lemco. The sale is expected to close in about 30 days. Terms were not disclosed.
Lemco has about 300 member/customers and Ride Now is its largest customer, spending about $100,000 annually for training with Lemco.
Ride Now, based in Chandler, Ariz., was launched with one store in 1989 as Arizona Motorsports. Today, it owns and operates 25 stores in Arizona, Florida, Nevada, New Mexico and Texas. The company is in a growth mode and expects to add five or six stores this year and generate revenues of more than $400 million, says Mark Tkach, Ride Now chief executive officer.