- Gary Wojtaszek, former CEO of CyrusOne, is raising $500M with Goldman Sachs (GS) to expand RecNation, a fast-growing RV and boat storage company.
- RecNation has nearly 70 storage locations and is targeting acquisitions in a fragmented market dominated by family-owned businesses.
- The company offers additional services like RV rentals, repairs, and used vehicle sales, creating a diverse revenue stream.
- The capital raise could pave the way for an IPO, allowing investors to own a portion of the operating company.
Gary Wojtaszek, known for building data center giant CyrusOne, is making a new bet—this time on RV and boat storage.
His company, RecNation, tapped Goldman Sachs (GS) to raise $500M in equity, with plans to pair it with debt financing for acquisitions, according to Bloomberg.
RecNation is the largest specialized RV storage company in the US, with nearly 70 locations. The fresh capital will fuel further expansion and potentially set the stage for an initial public offering.
Interesting Pivot
Wojtaszek’s journey into RV storage began during the pandemic, when he bought an Airstream trailer and struggled to find a suitable storage facility. This led him to purchase his first storage site in Wylie, TX—the foundation for RecNation.
In 2022, RecNation secured a JV with Centerbridge Partners, accelerating its growth. Now, the company is looking to consolidate a fragmented industry, where most storage facilities are small, family-owned businesses.
“There aren’t many opportunities to find an untapped real estate market with high growth and strong returns,” Wojtaszek said. “Plus, this one is super fun.”
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Why RV Storage?
RecNation is tapping into a booming market, fueled by the increasing popularity of RV ownership.
- 11M US households own RVs, according to industry data, creating strong demand for storage.
- The RV storage market is highly fragmented, giving RecNation room to buy properties and professionalize operations.
- Beyond storage, RecNation is expanding into services, including RV rentals, repairs, and sales of used vehicles—adding new revenue streams.
By applying institutional investment strategies to a niche real estate sector, RecNation mirrors the data-center consolidation trend Wojtaszek previously led at CyrusOne.
Future Expansion Plans
With new capital secured, RecNation is ready to expand by acquiring additional storage facilities across the country. The company’s focus remains on scaling its operations in a fragmented market where most competitors are small, family-owned businesses.
By professionalizing management and expanding service offerings, RecNation aims to create a national platform for RV and boat storage, much like self-storage companies did for household goods.
Beyond simply acquiring properties, RecNation is also enhancing its customer experience by integrating complementary services such as RV rentals, repairs, and used vehicle sales. These additional revenue streams make the business more resilient and attractive to investors.
