Liberty Corporate Finance is pleased to announce the completion of the acquisition of holiday park owner and operator Parkdean Resorts for £1.35 billion by Onex Partners.
Parkdean Resorts operates 73 Holiday Parks nationwide across the UK. In December it was announced that Onex had agreed to acquire Parkdean Resorts, subject to FCA approval, for a consideration of £1.35 billion. Following FCA approval, this transaction has today been completed.
In 2015, Parkdean Resorts was created through the merger of Parkdean Holidays and Park Resorts creating the UK's sector leading holiday park business with 73 holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year. The Company offers a wide range of accommodation, from caravans and camping pitches to chalets, apartments and lodges. Parkdean Resorts employs over 6,000 staff during the peak holiday season and is headquartered in Hemel Hempstead and Newcastle.
Liberty were appointed to advise on the Newco incentive package.
John Waterworth, CEO of Parkdean Resorts said:
"We wish to thank our shareholders Epiris and Alchemy for their support and welcome Onex. We are excited about our growth prospects and taking the business to its next stage of its development. We shall be investing £50 million in our parks in preparation for the 2017 season, improving them for owners and holidaymakers alike.”
Tony Morgan, Onex said:
“Onex seeks to invest in and build high-quality businesses. Parkdean Resorts is an excellent business and a sector leader with a strong management team. The Company has an exciting future and we’re delighted to support their next phase of growth.”