The latest transaction also represents a final exit for
Park Resorts is the result of a buy and build process that began in May 2001, when CBPE in conjunction with the current management team of what is now the UK’s largest owner and operator of caravan parks, paid £12.25m for 12 coastal caravan parks from Bourne Leisure.
CBPE acted in partnership with the current management team of David Vaughan (chief executive), Robert Sewell (finance director) and Alan Castledine (operations director). The management team is also co-investing in the latest transaction for a significant minority position in the company.
The current Park Resorts Group emerged after GB Holiday Parks was acquired by ABN AMRO Capital in November 2004 for £105m. ABN AMRO Capital then acquired Park Resorts for £165m a month later in order to merge the two operations.
Under ABN AMRO Capital’s ownership the group has also created more than 400 new pitches and benefited from very significant capex investment. As a result, Ebitda has grown by 43% over the life of the investment.
Jonathan Bourn and Dominic Collier co-ordinated the investment and exit on behalf of ABN AMRO Capital and will resign from the board of Park Resorts as a result of the deal.
GI Partners was advised by Trowers & Hamlins (legal), Deloitte (financial and accounting), BDO Stoy Hayward (tax) and Humberts (property).