UK mid-market firm Electra Partners has acquired holiday parks operator South Lakeland Parks from White Ocean Leisure and its lenders for £47m.
The deal will see Electra invest £22m and Investec Growth & Acquisition Finance provide the integrated debt facility.
Founded in 1988, South Lakeland owns and operates nine holiday parks. 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.”
In 2013, Electra Partners has already announced five new investments and two realisations, the most recent of these being the $1.35bn sale of, and subsequent $85m (£57m) reinvestment in, animal tagging business Allflex.
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