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Friday, 28 November 2014

Holiday park firm bought in £47m deal

A leading Cumbrian holiday park company has been bought by an equity firm in a £47m deal.

White Cross Bay
White Cross Bay

A leading Cumbrian holiday park company has been bought by an equity firm in a £47m deal.

South Lakeland Parks, which has sites at White Cross Bay near Windermere, Fallbarrow Park in Bowness and Limefitt in the Troutbeck Valley, has been acquired by Electra Partners.

The equity firm will use its Park Resorts company to manage SLP's nine sites in Cumbria and North Lancashire - including one at Heysham and Morecambe - an arrangement which sees Park Resorts become the largest holiday park company in the UK with 48 sites.

Alex Fortescue, chief investment partner at Electra Partners, said: "Having completed the refinancing of Park Resorts in July, we are now backing its industry-leading team to consolidate what is both a fragmented and resilient sector. We have been interested in South Lakeland for some time due to its high-quality estate which fits well with Park Resorts' existing portfolio.

"This transaction, the latest step in our investment in the holiday parks sector, further illustrates the flexibility of our investment strategy and its suitability to current market conditions. Starting from an initial position in Park Resorts' debt, we now have a controlling position in the largest player in the holiday parks market."

In  2007 South Lakeland Parks sold for £125 million.

In a statement, Park Resorts said: ""The acquisition comes only two months after Electra Partners led the refinancing of Park Resorts which will provide significant further investment in the parks to improve facilities across existing holiday parks.

“The North West is a region of the UK synonymous with family holidays and an area, up until now, we had no stake in,” said David Boden, Park Resorts."

 

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