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MidOcean Capital to complete UK Center Parcs exit

MidOcean Capital is getting closer to completing its exit of UK holiday company Center Parcs. UK Stockbroker Collins Stewart is to float Center Parcs next week in an accelerated initial public offering for £285m to help buy the holiday village chain from the UK private equity firm.

Collins Stewart is planning to float Arbor, an acquisitions vehicle formed to buy Center Parcs. The stockbroker has already sold the shares to 50 institutional investors in order to raise £245m in new equity.

MidOcean Capital sold its 46 per cent in Center Parcs Europe, the company’s continental operation, to French holiday group Pierre & Vacances for E270m in August this year.

MidOcean was spun out as an independent entity from DB Capital Partners, the private equity group of Deutsche Bank, earlier this year by the management with the backing of a string of institutional investors. The firm currently manages around $3bn of private equity assets.

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