Thu, 23 Dec 2021 | BUSINESS SALE
Verdant Leisure has acquired two caravan parks in Devon and will target more acquisitions in 2022, as the boom in staycation-related M&A continues. The two parks represent Verdant’s first foray into Southern England, with the firm having been primarily focused on the Scotland and Northern England market.
The company has acquired the Golden Coast Holiday Village and Cleavewood Park in Woolacombe, North Devon, for an undisclosed amount. Along with luxury accommodation and touring facilities, the parks offer a range of facilities including bars, restaurants, indoor and outdoor pools and lakes.
The deal takes Verdant’s portfolio of parks up to 12 and is the firm’s first acquisition since previous backer Palatine Private Equity sold its stake in the business to Pears Partnership Capital in August, in a deal thought to reflect a multi-million valuation of the company.
Verdant Leisure CEO Graham Hodgson commented: “We are excited to expand our portfolio into southern England and consolidate our status as an operator of choice in the UK holiday market. Golden Coast and Cleavewood will bring a further 342 holiday accommodation units and 83 touring pitches to the wider group. We have further investment in the parks planned, which will roll out over the next few years.”
Pears Partnership Capital Operating Partner Mark Harper added: “We are delighted to support Verdant’s growth, and this acquisition provides scale for national expansion during an exciting time for the UK caravan park sector. We are committed to long term investment to help Verdant further raise the bar in terms of standards and service across its parks and deliver strategic acquisitions to grow the group.”
Verdant was founded in 2010 by a team including former South Lakeland Caravan Parks owner Graham Hodgson. From there, the firm grew via a private equity-backed buy-and-build acquisition strategy. Palatine Private Equity first invested in Verdant in 2016, at which point the business had six sites in its portfolio.
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