MCP ACQUIRE PARK LEISURE FOR £103 MILLION
Midlothian Capital Partners (MCP) and funds advised by MCP have agreed in partnership with the co-founder and management team to acquire Park Leisure 2000 Limited (“Park Leisure”), the UK’s leading luxury holiday park operator, for a value of £103 million. MCP is delighted to have partnered with Park Leisure’s co-founder Miles Dewhurst as well as the management team, who will continue together to run the business and retain approximately a 20% holding.
CEO and co-founder Gary Molloy will exit from the business to pursue other avenues, at completion, which is expected to take place in the first half of this year. Co-founder, Miles Dewhurst, will become CEO and will be supported by the existing management team as well as MCP, who are all excited to take Park Leisure through its next phase of growth.
Andrew Bracey of MCP and Chairman-designate of Park Leisure, said:
“We have looked at a number of opportunities in the holiday park sector and we consider Park Leisure to be the outstanding operator in the space with the finest customer offer and leading customer satisfaction. The parks and teams in place are of the highest quality and we look forward to providing long-term support to Miles and his management team to grow Park Leisure further with us. The business has an unparalleled reputation for giving its customers a luxury, five-star experience and there is an exciting opportunity for future growth of business across the UK.
This transaction follows our recent acquisition of Dobbies Garden Centres and further demonstrates the strength of our network and operating model, as well as our ability to build close relationships with principals, as we believe partnership is critical in supporting the future growth of a business.”
Gary Molloy, CEO and co-founder of Park Leisure, said:
“After 19 dedicated years I have decided to take a back seat and exit the business over this coming season. The Company started from an office in one of the bedrooms in my house and has steadily grown ever since. Now with 10 parks across the UK and a continued focus on quality, we have built a unique offering for our Holiday Home Owners. We do not know of any other group of parks in the UK that are consistently of the quality we have developed within the Park Leisure brand.”
Miles Dewhurst, CEO-designate of Park Leisure, said:
“As we turn the page on a new chapter with Park Leisure, I’m excited for the opportunity ahead and know that we have the right partners in MCP to deliver a great future for the business. They are providing the capital investment to secure the long-term growth and future of Park Leisure and are committed to further investing in the development of our parks and continuing to further our service and standards. They embrace our principle of ‘excellence as standard’ and we are all thrilled to be working together.”
Andrew Bracey will be joined on the Board of Park Leisure by the other founders of Midlothian Capital Partners, Aidan Clegg and and Neil Currie. Advisers to MCP include: Rothschild (financial), Slaughter & May (legal), EY (accounting and tax) and Savills (property). Advisors to Park Leisure include; Squire Patton Boggs (legal), Dow Schofield Watts (financial) MCP and management received full financing support from Ares.