Bridgepoint Capital has made a partial exit on its investment in Shearings Group through a GBP65 million refinancing of the business. The deal was structured to increase management’s equity stake in the business. Bridgepoint remains a majority shareholder.
Shearings is a UK-based hotel and coach operator. Since the original buyout from Rank in 1996 the business has performed strongly mainly due to the strong growth of the hotel breaks product range.
The GBP65 million secured debt facilities include capital funding to facilitate the purchase of additional hotels that will form part of the group’s strategy going forward. Fortis Bank originated and structured the debt financing for the transaction that was jointly arranged with Royal Bank of Scotland.