Parkdean Resort sold for £1.35billion
“Parkdean Resorts has built the market-leading affordable holiday park business in the UK, with a strong base of loyal customers in an attractive segment of the domestic holiday market… We are excited to partner with John Waterworth and his team to continue to support the company’s growth, both organically and through acqisition.” said Tony Morgan, a Managing Director with Onex.
Epiris originally invested £70m in the acquisition of term debt in holiday parks operator Park Resorts in 2012, before leading a consensual restructuring of its debt facilities in 2013. In November 2015, Park Resorts merged with Parkdean Holidays in a transaction that gave the enlarged company – Parkdean Resorts – an enterprise value of £960m. The transaction is anticipated to close around March 2017.
Parkdean Resorts owns and operates 73 caravan holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year. The company offers a wide range of accommodation, from caravans and camping pitches to chalets, apartments and lodges. Parkdean Resorts employs over 6,000 staff during the peak holiday season and is headquartered in Hemel Hempstead and Newcastle, UK.
This is an exciting opportunity for Parkdean Resorts,” said John Waterworth, Parkdean Resorts’ Chief Executive Officer. “We look forward to working with Onex to further enhance our parks and leisure facilities during our next phase of growth.”
Onex Partners IV and Onex have committed to make an equity investment of approximately $750 million.