2.13.4Segment

Outdoor Recreation & Adventure

Campgrounds, ski resorts, outdoor adventure operators, and eco-tourism companies providing nature-based recreation.

4
Verticals

Overview

Outdoor Recreation & Adventure covers campgrounds and RV parks, ski resorts, marinas, adventure operators, and eco-tourism. Several sub-categories have become institutional asset classes — ski (Vail's Epic, Alterra's Ikon pass networks), marinas (Safe Harbor, Suntex), and RV resorts and campgrounds (KOA, Sun Communities) — drawing heavy private-equity and REIT capital.

Demand grew strongly with the outdoor and experiential-travel boom, and recurring pass and slip/site revenue supports attractive economics. Consolidation of fragmented marinas, campgrounds, and ski assets has been a defining trend.

Market snapshot

Market size
~$12B
Growth
~5.6%CAGR (2017–22, nominal)
Companies
~6,502 firms
Firms by employee count

88.8% of firms have fewer than 20 employees: 5,773 micro-businesses, below most mandates.

The investable universe729 firms with 20+ employees
20–99
51370%
100–499
15722%
500+
598%

This sizes the cleanly-coded outdoor assets — ski resorts, marinas, and outdoor-gear rental — the segments that became institutional asset classes (Vail and Alterra in ski, Safe Harbor and Suntex in marinas). Campgrounds and RV parks (booked as accommodation) and the wide field of adventure and guide operators sit in an unsplittable 'all other recreation' residual, so the real outdoor economy is larger than this; ~$12B is the part federal data can isolate cleanly.

NAICS 532284, 713920, 713930. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census.

Business model & economics

Revenue model

Passes, slip/site rentals, admissions, and rentals

Key economics

Revenue per firm
$1,801,798
Revenue per employee
$88,269
Employees per firm
17.6
Recurring revenue
Moderate–High

season passes and recurring slip/site fees

EBITDA margin
Strong for scaled pass and marina/campground operators
Capex intensity
High

Characteristics

  • Balanced cost base — payroll is 27% of revenue, leaving room to scale margin without cutting staff
  • Owner-operator dominated — 58% of businesses have no employees but take only 3% of revenue
  • Moderate strategic-buyer pool — 59 firms exceed 500 employees; a scaled asset has buyers, but not many
  • Ski, marinas, and campgrounds became institutional asset classes.
  • Recurring pass and slip/site revenue underpins economics.
  • Heavy PE and REIT capital consolidating fragmented assets.

NAICS 532284, 713920, 713930. U.S. Census Bureau — 2022 Statistics of U.S. Businesses; U.S. Census Bureau — 2022 Economic Census; U.S. Census Bureau — 2022 Nonemployer Statistics.

Geographic concentration

AlabamaAlaskaArizonaColoradoGeorgiaIndianaKansasMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaIllinoisNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaIowaKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaFloridaMaineHawaiiRhode Island

With marinas the largest measurable piece and ski a smaller one, the concentration is coastal rather than mountainous — Maine, Rhode Island, Hawaii, and Florida — boating states where slip and marina capacity per resident runs highest.

MaineRhode IslandHawaiiFlorida

U.S. Census Bureau — 2022 Statistics of U.S. Businesses (firms by state), NAICS 532284/713920/713930. Concentration shown by location quotient.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Ski, marina & campground platforms
  • PE-backed and REIT consolidators
  • Outdoor-recreation operators

What’s driving deals

  • Consolidation of marinas, campgrounds, and ski assets.
  • Outdoor and experiential-travel demand.
  • Recurring pass and slip/site revenue.

Verticals in this segment

Find Outdoor Recreation & Adventure acquisition targets

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