Who Owns Camping World? Ownership Structure and Major Shareholders Explained

Evelyn Carter
3 days ago
6 min read

Camping World Holdings, Inc. (NYSE: CWH) is the parent company that owns Camping World. It's a publicly traded company, meaning it's owned by shareholders—not a single person. Marcus Lemonis served as Chairman and CEO through December 31, 2025, and was a major shareholder, but he retired on January 1, 2026.

Current Ownership of Camping World

Camping World Holdings, Inc. Is the Parent Company

Camping World—the retail stores you see selling RVs and camping gear—operates as a wholly-owned subsidiary of Camping World Holdings, Inc. That means the parent company owns 100% of the retail operation.

Camping World Holdings trades publicly on the New York Stock Exchange under ticker symbol CWH. Anyone with a brokerage account can buy shares and become a partial owner.

Public Company Ownership Structure

When a company goes public, ownership gets distributed across potentially thousands of shareholders. No single person owns Camping World outright.

As of December 2023, Camping World Holdings had three classes of stock:

1 Class A share
39,466,000 Class B shares
49,571,058 Class C shares

Class B and Class C shares each carry one vote. The Class C category includes 41,959,430 shares trading freely on the market (free-float) and 4,499,000 shares owned by the company itself.

Different share classes are common in public companies. They're typically used to maintain voting control while allowing public investment.

What "Wholly-Owned Subsidiary" Means

This term confuses people, but it's straightforward. Camping World Holdings owns all of the Camping World retail business. There are no other owners or partners in the store operations.

Think of it this way: Camping World Holdings is the legal entity that owns everything. The Camping World stores, along with other brands, operate under that umbrella.

Major Shareholders: Who Owns Camping World

Institutional Ownership

About 280 institutional investors owned CWH shares as of late 2023. These are investment firms, mutual funds, pension funds, and similar entities managing money on behalf of their clients.

The largest institutional shareholders as of December 2023:

Abrams Capital - 11.33% (5.11 million shares)
Vanguard Group - 8.95%
BlackRock Inc. - 7%
FMR LLC - 4.8%
Crestview Partners - 4.2%
Capital Research Global - 3.65%
Eminence Capital - 3.16%
Balyasny Asset - 2.85%
State Street Corp - 2.5%
Interval Partners - 2.22%

These percentages shift as institutions buy and sell shares. None of them control the company individually, but collectively they represent significant voting power.

Insider Ownership

Company insiders—executives and board members—owned 2.67% of Camping World Holdings as of the available data. That's a relatively small slice.

Top insider shareholders as of March 2024:

Marcus Lemonis (then CEO) - 526,718 shares
Stephen Adams (Director) - 258,335 shares
Matthew Wagner (then COO, now CEO) - 233,042 shares
Karin Bell (CFO) - 127,692 shares
Andris Baltins (Director) - 97,350 shares
Kent Schickli (Director) - 72,124 shares

These figures predate Lemonis's retirement in January 2026. Insider holdings likely shifted since then, but specific updated numbers aren't publicly available yet.

Marcus Lemonis's Role and Ownership

Leadership Position Through December 31, 2025

Marcus Lemonis served as both Chairman and CEO of Camping World Holdings for 25 years. He built the company through a series of acquisitions and mergers, eventually taking it public in 2016.

He officially retired on January 1, 2026. After retirement, he transitioned to a "Co-Founder and Special Advisor" role, meaning he's no longer running daily operations or serving on the board.

Lemonis as Shareholder, Not Sole Owner

Here's where confusion creeps in. Some sources called Lemonis a "co-owner" of Camping World. That's misleading.

As of March 2024, he held 526,718 shares—making him the largest individual insider shareholder. But that represents a small fraction of total ownership in a company with roughly 89 million shares outstanding.

In March 2024, Lemonis sold 100,000 shares for over $2.5 million. He likely still owns a significant position after retirement, but he's one shareholder among thousands, not an outright owner.

The "Co-Owner" Misconception

Public company ownership doesn't work like a small business where two people might be co-owners. When you hear "co-owner" applied to publicly traded companies, it's usually imprecise shorthand.

More accurately: Lemonis was the CEO and a major shareholder. He had significant influence through his leadership position and stock ownership, but thousands of other shareholders collectively owned the company.

Leadership Transition (January 2026)

New CEO: Matthew Wagner

Matthew Wagner took over as CEO on January 1, 2026. He's not new to the company—he joined Camping World in 2007, giving him 19 years of experience with the business.

His previous roles:

President (July 2024 - December 2025)
Chief Operating Officer (January 2023 - July 2024)
Various other leadership positions over his 19-year tenure

Wagner also joined the Board of Directors when he became CEO. As of March 2024, he held 233,042 shares, making him a significant insider shareholder as well.

New Chairman: Brent Moody

Brent Moody became Chairman of the Board on January 1, 2026. Like Wagner, he's a company veteran with 22+ years at Camping World.

He's been on the Board of Directors since May 2018 and served as Vice Chairman since May 2025. Before that, he held operational roles including President and Chief Operating and Legal Officer.The transition keeps leadership in experienced hands rather than bringing in outsiders.

Camping World Ownership History

Founding and Early Years (1966-1997)

David Garvin founded Camping World in 1966 in Kentucky. The origin story is exactly what you'd expect from the RV industry: Garvin sold RV parts and camping supplies from the back of a pickup truck at his father's amusement park.

When park visitors kept asking where they could buy camping gear, Garvin took out a loan and opened a small store at Beech Bend Park. The business grew through the 1970s and 1980s, expanding to 14 stores across six states.Garvin maintained private ownership throughout this period.

Affinity Group/Good Sam Ownership (1997-2016)

In 1997, Garvin sold Camping World to Affinity Group, which later became Good Sam Enterprises. The company continued growing under this ownership, eventually operating 58 stores and service centers across 32 states.

Here's where Marcus Lemonis enters the picture. He had co-founded a company called FreedomRoads that acquired RV dealerships. In 2006, FreedomRoads merged with Camping World, and Lemonis became CEO.

Another merger followed in 2011 when the combined entity merged with Good Sam Enterprises. Lemonis remained at the helm throughout.

By 2013, Camping World operated 100 stores. The company had grown significantly but remained privately held.

Public Ownership (2016-Present)

Camping World went public in October 2016 through a $251 million initial public offering (IPO). Shares began trading on the New York Stock Exchange under ticker CWH.

The IPO fundamentally changed ownership structure. Instead of being owned by Good Sam Enterprises or private investors, ownership transferred to public shareholders—anyone who bought stock.

Since going public, the company has continued expanding through acquisitions. As of March 2024, Camping World operated 215 stores in 43 U.S. states.

What Camping World Holdings Owns

Camping World Retail Operations

The 215 Camping World stores across 43 states represent the core business. These locations sell new and used RVs, RV parts and accessories, and provide service and repair.

In 2023, Camping World sold 58,731 new RVs and 56,823 used RVs. Used RV sales actually increased by 10.7% while new RV sales declined 16.6%—reflecting broader market conditions in the RV industry.

Other Brands Under Camping World Holdings

Camping World Holdings owns several brands beyond the Camping World retail stores:

Good Sam Enterprises - Offers RV service contracts, roadside assistance, insurance, travel planning, and publications. Interestingly, Camping World Holdings was exploring selling Good Sam as of 2024, working with Goldman Sachs to evaluate options.

FreedomRoads - The RV dealership chain that originally merged with Camping World in 2006.

Coleman - An RV brand that became the #1 selling travel trailer by unit volume in January 2024.

The portfolio approach lets Camping World Holdings serve RV customers across multiple touchpoints—retail, services, insurance, and manufacturing.

Key Takeaways

Camping World Holdings (NYSE: CWH) is publicly traded and owned by shareholders collectively. Marcus Lemonis built the company over 25 years and was the largest insider shareholder, but retired January 1, 2026. Matthew Wagner is now CEO. Major institutional shareholders include Abrams Capital, Vanguard, and BlackRock. Founded in 1966, the company went public in 2016.

Frequently Asked Questions

Is Camping World owned by Marcus Lemonis?

No. Camping World Holdings is publicly traded, owned by shareholders. Lemonis was Chairman, CEO, and a major shareholder through December 31, 2025. He retired on January 1, 2026, but likely still owns shares.

Can I buy Camping World stock?

Yes. Camping World Holdings trades on the New York Stock Exchange under ticker symbol CWH. You can purchase shares through any brokerage account.

Who is the CEO of Camping World now?

Matthew Wagner became CEO on January 1, 2026, succeeding Marcus Lemonis. Wagner joined the company in 2007 and previously served as President and COO.

What's the difference between Camping World and Camping World Holdings?

Camping World refers to the retail stores. Camping World Holdings, Inc. is the publicly traded parent company that owns the stores and other brands.

When did Camping World go public?

October 2016, through a $251 million IPO. The company began trading on NYSE under ticker CWH.