Electra Partners is pleased to announce the acquisition of holiday parks operator South Lakeland Parks ("South Lakeland") from White Ocean Leisure and its lenders for a total transaction value of £47 million. The deal will see Electra Private Equity PLC ("Electra") invest £22 million and Investec Growth & Acquisition Finance provide the integrated debt facility.
Founded in 1988, South Lakeland owns and operates nine high-quality holiday parks in the English Lake District and Morecambe Bay area, including two parks bordering Lake Windermere. The acquisition has been made in partnership with Electra's existing portfolio company, Park Resorts, which will manage South Lakeland's parks under a management contract. Operating together, the two businesses create the largest holiday parks operator in the UK with 48 properties across England, Scotland and Wales.
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."
David Boden, CEO of Park Resorts said:
"We are delighted to work alongside Electra Partners in the acquisition of South Lakeland. The South Lakeland parks add a new dimension to our existing holiday park portfolio and we look forward to working with Electra Partners to further develop and improve the parks."
Alex Fortescue and Ian Wood are responsible for the investment in South Lakeland.
In 2013, Electra Partners has already announced five new investments and two realisations, the most recent of these being the US$1.35 billion sale of, and subsequent US$85 million (£57 million) reinvestment in, animal tagging business Allflex.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
For Alex Fortescue:
Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Electra Partners +44 (0)20 7306 3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 30 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £3 billion in over 150 deals. As at 31 March 2013, the firm had funds under management of over £1.6 billion. Electra Partners' flexible investment approach allows it to invest broadly across the private equity market with particular focus in three areas: buyouts & growth capital, secondaries and debt.
The firm's major client is Electra Private Equity PLC, a private equity investment trust which has been listed on the London Stock Exchange since 1976.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.
About Park Resorts
Park Resorts is one of the UK's leading holiday park operators with 39 coastal holiday parks across England, Scotland and Wales. The company employs over 2,500 staff during the peak holiday season and is headquartered in Hemel Hempstead. Park Resorts incorporates a holiday sales business as well as a highly successful and profitable caravan sales business.
In July 2013 Electra Partners LLP announced that it had led the refinancing of Park Resorts' debt facilities, following which funds managed or advised by it would become the majority shareholders in the company, with existing shareholder GI Partners becoming a minority shareholder and management taking a significant stake. Along with the refinancing, Park Resorts announced the appointment of David Boden as CEO replacing founder David Vaughan who, following 12 years as CEO, became Chairman.
For further information please visit www.park-resorts.com.