Management Buyout Case Study

PPL RVs, Inc.

The Business

PPL is one of the nation's largest consigners of pre-owned recreational vehicles and online parts retailers. PPL also services RVs and sells parts directly to consumers.
"After working for PPL Motor Homes for over 30 years, I was certainly apprehensive about change when our owners were looking for a retirement plan. I'd heard all the horror stories of big companies coming in and changing everything. That was the furthest thing from our experience with Main Street. Main Street took a true interest in our business and, more importantly, in our people. They have helped us open many doors. They have truly become a part of my PPL family and their support has been outstanding." Diana LeBlanc General Manager, PPL

The Transaction

PPL was introduced to Main Street by an intermediary representing a full buyout transaction of the company’s two owners. Main Street quickly discovered that a seasoned management team was responsible for the day-to-day operations and wished to remain at PPL.

Main Street, along with management, provided 100% of the capital requirement in the form of a senior secured term loan and a direct equity investment. This transaction facilitated first-time ownership by the management team and monetized a portion of the founders’ investment. Subsequently, Main Street financed the purchase of certain real estate from the founders as part of PPL’s long-term strategy. Main Street continues to provide strategic oversight while giving the management team operational autonomy.

The Results

Before Main Street Partnership

  • Owners sought full buyout
  • No path for management to own equity
  • Limited growth prospects due to capital constraints
  • Single location
  • Management leases real estate

After Main Street Partnership

  • Owners have received desired liquidity
  • Key members of management hold ownership for the first time and have the opportunity to invest alongside Main Street
  • Growth prospects coupled with significant capital availability
  • Several locations
  • Management co-owns real estate with Main Street

Transaction Summary


  • Proven market position
  • Strong management team with meaningful ownership
  • Attractive growth opportunities

Transaction Type

  • Management buyout
  • One-stop financing
  • Growth capital

Investment Structure

  • Senior secured debt
  • 53.3% equity ownership