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11/2013

PARK HOLIDAYS acquired by CALEDONIA INVESTMENTS

UNITED KINGDOM Hospitality & Leisure / Hospitality EV 100M - 350M GBP

Context

Caledonia Investments acquired a majority stake in Park Holidays from Graphite Capital (who had backed the management buy-in in 2006). The funding structure included �88 million of equity from Caledonia and �90 million of bank debt provided by a syndicate (RBS, HSBC, Lloyds, Barclays, Santander). A further �10 million facility was secured for future capex and acquisitions. The management team remained in place to drive the next phase of growth.

PARK HOLIDAYS, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.3x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Headquartered in Hastings, Park Holidays is a major operator of caravan and holiday parks in the South of England. At the time of the deal, the portfolio consisted of 23 parks (21 freehold, 2 leasehold) located in coastal areas like Devon, Dorset, and Sussex. The business model generates revenue from three streams: selling static caravans (holiday homes) to private owners, site fees (ground rent) paid by those owners, and holiday rentals to vacationers.

Ent. Value

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Equity Value

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Multiples

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (GBP)

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2016
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2015
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Other operations with PARK HOLIDAYS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
12/2016ICGPARK HOLIDAYSUNITED KINGDOMHospitality & Leisure

Caledonia Investments agreed to sell Park Holidays to Tiger Bidco (a vehicle formed by ICG). This represents a significant markup from the �172 million valuation in 2013. Caledonia realized a net IRR of 44% and a money multiple of 2.9x on its investment. The deal was driven by strong operational performance, with EBITDA jumping from �20.4m to �36.5m. The management team remained in place for this next chapter with ICG.

REFERENCES

Valuation range: EV 100M - 350M GBP

EBITDA range: 10M - 30M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of PARK HOLIDAYS by CALEDONIA INVESTMENTS are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: caledonia investments