Sun, 15 May 2016 | BUSINESS SALE
Parkdean Resort, the largest caravan park company in the UK, is preparing itself for sale at a price that could be as high as £1.2 billion.
According to the Sunday Times, the company is considering either a trade sale or a float on the stock market in the last quarter of 2016. However our enquiries have revealed that there is not yet any formal mandate to sell the business, nor is there a timetable set.
Following the merger in November last year between Parkdean Holidays and the larger Park Resorts, the combined business now has 72 holiday parks around the UK, attracting 1.8m annual customers and recording EBITDA of around £100 million last year. The current priority remains to fully integrate the two businesses.
The private equity owners of the business, Alchemy Partners and Electra, are said to be initiating talks with investment banks but as yet no advisers have been appointed. That may happen before the summer to establish them well in advance of a final decision by its private equity shareholders to exit the business.
The market for camping holidays has been steadily growing amongst Brits and this summer is expected to be a very good season for the business. This should help attract buyers that may include buyout specialists like Carlyle and CVC.
Alchemy originally bought Parkdean Holidays in 2006 for £140 million, when it owned just 20 holiday parks. It soon pushed forward with acquisitions, buying Weststar Holidays with its four parks for £80 million the following year. Alchemy reportedly wants to cash in on its investment and spend the proceeds on acquisitions in the financial services sector.
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