RecNation snagged a headline in Bloomberg this week in a feature story covering the company’s founding history and recent pursuit to raise $500 million to expand its RV and boat storage brand.
The company was formed by Gary Wojtaszek, “who built data-center CyrusOne into a 
powerhouse,” before selling it for $15 billion and riding off into the sunset toward semi-retirement. That sunset ride coincided with COVID-19, when Wajtaszek and his wife opted to cruise the country in an RV after their European vacation plans fell through. When they returned to their Texas home, they discovered there was a dearth of professionally operated storage facilities to keep their new Airstream safe and sound.
Always an entrepreneur, Wojtaszek knew he’d landed on his next venture … and RecNation was born. “It’s not often that you have the ability to discover an untapped market in real estate with the growth and return potential that we have here,” Wojtaszek said in the Bloomberg story. “Plus, this one is super fun.”
Most recently, according to the article, RecNation is working with Goldman Sachs Group Inc. to raise equity to acquire more RV/boat storage facilities nationwide. The article also hints that a potential initial public offering may be in the wings. Plus, a few investors will earn some portion of ownership in the company. RecNation has acquired nearly 70 locations over the last three years. It also operates ancillary businesses for RV rentals, repairs and used-vehicle sales.
In an interview with Toy Storage Nation in March 2023, Wojtaszek stated, “We plan to raise capital from professional investment managers such as private equity firms, sovereign wealth funds, pension funds, private family offices and eventually via an Initial Public Offering. To do that, you need to have a well-run professional organization that is focused on producing accurate and timely financial statements, having regularly scheduled investor updates and comply with all the associated regulatory and compliance requirements associated with raising outside capital.”
Reflecting on his years in the data-storage industry for the Bloomberg piece, Wojtaszek explains he’s happy to have made the leap to recreational vehicle (campers, boats, ATVs, etc.) storage. “In this business, I’m storing people’s weekend adventures,” he stated. “Customers here want to talk to us about the fish they caught, or where they were camping,” which is much more enjoyable than working in data centers, where “they only called when things weren’t going well.”
Read the full article on Bloomberg.
