Published: 12:00, 19 December 2016
| Updated: 14:24, 19 December 2016
Park Holidays, the UK’s third largest holiday park operator, has been sold in a deal valuing the firm at £362 million.
Tiger Bidco, owned by asset manager Intermediate Capital Group, is to buy the vacation company, which has six sites in Kent.
It will pay previous owner, the investment trust Caledonia, £197 million in cash for its 81.5% stake, subject to regulatory approval, which could take three months.
Park Holidays has two sites in Whitstable and others in Sheppey, New Romney, Dymchurch, Birchington.
Its earnings before interest, taxes and other charges is expected to have grown 79% to £36.5 million under Caledonia’s ownership since November 2013, when it bought the firm for £172 million.
It has also increased its number of parks from 23 to 26.
Its senior management will remain in place following the deal.
Park Holiday chief executive Jeff Sills said: “Caledonia has proved to have been a very supportive financial partner over the past three years, which has enabled us both to acquire new sites and improve the quality of our existing estate.
“We look forward to continuing to deliver good returns for our new investor.”
Will Wyatt, chief executive of Caledonia, said: “Park Holidays has been an outstanding investment for Caledonia and we are delighted with the progress it has made since we became involved in 2013.
“It exemplifies our ability to find and attract capable management teams and I am delighted that the outcome has been so successful for both us and Jeff Sills and his colleagues.”
Parkdean Resorts, which owns 73 sites across the UK, including four in Kent, has also announced a major takeover.
It is set to be bought by Canadian private equity firm Onex for £1.35 billion.
The deal for Parkdean, which has locations in Minster-on-Sea, Greatstone, Eastchurch and St Margaret’s Bay, is expected to be complete in the first three months of next year, subject to regulatory approval.
Less is known about the Parkdean transaction, although Onex managing director Tony Morgan said he was excited to partner the resort company’s chief execuitve John Waterworth in its growth “both organically and through acquisition”.