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Onex to Buy British #1 RV Camp Operator Parkdean Resorts from Electra, Alchemy for £1.35B

Onex to Buy British #1 RV Camp Operator Parkdean Resorts from Electra, Alchemy for £1.35B

Caledonia Investments plc (LSE: CLDN) said it agreed to sell Park Holidays UK, the third largest holiday park operator in the UK, to private equity and asset management specialist Intermediate Capital Group plc (ICG) (LSE: ICP), for £362 million ($450 million). As reported in August by ExitHub, Electra and Alchemy were said to have hired Rothschild to explore the sale of Parkdean Resorts, which became Britain’s biggest holiday home park operator, with 73 sites across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year, after last year’s merger of Electra’s Park Resorts with Alchemy’s Parkdean Holidays. Parkdean Resorts offers a wide range of accommodation, from caravans and camping pitches to chalets, apartments and lodges. The company employs over 6,000 staff during the peak holiday season and is headquartered in Hemel Hempstead and Newcastle, UK. “Parkdean Resorts has built the market-leading affordable holiday park business in the UK, with a strong base of loyal customers in an attractive segment of the domestic holiday market,” said Tony Morgan, a Managing Director with Onex. “We are excited to partner with John Waterworth and his team to continue to support the company’s growth, both organically and through acquisition.” “This is an exciting opportunity for Parkdean Resorts,” said John Waterworth, Parkdean Resorts’ Chief Executive Officer. “We look forward to working with Onex to further enhance our parks and leisure facilities during our next phase of growth.” “There has been a trend for shorter breaks that has been going on for the last 25 years,” he commented further. “A foreign holiday does not appeal to everybody – some people want a short break where substantial travel is not involved. What we have seen is growth in the popularity of UK short breaks from the domestic market. It has been building very gradually and it continues to build.” A trend for taking shorter breaks instead of longer holidays lengthened the holiday season and boosted Parkdean Resorts’ performance, with the company selling 492,000 holidays in 2015, it said. Onex Partners IV and Onex have committed to make an equity investment of approximately $750 million. Onex is one of the oldest and most successful private equity firms. The firm has approximately $23 billion of assets under management, including $6 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests alongside its fund investors and is the largest limited partner in each of its private equity funds. Parkdean Resorts has seen bookings rise 11 percent after it invested millions on upgrading its sites. The company reportedly invested £36 million in 2015 and is said to be channeling a further £40 million into the business this year, according to the Daily Mail. It is bringing in 400 new and upgraded caravans and lodges, offering double glazing and central heating. The company’s revenues jumped from £371 million in 2014 to £401 million last year, while underlying earnings increased by 16pc to £106.6 million, The Telegraph said. Parkdean Resorts acquired the five-star Vauxhall Holiday Park resort in Great Yarmouth, in its first acquisition since last year’s merger. Vauxhall comprises 390 caravans and lodges, 48 apartments and 180 touring and camping pitches across 41 acres. Electra Private Equity PLC is a London Stock Exchange listed investment trust focused on buyouts and co-investments, secondaries, debt investments, listed securities and funds. The firm was formed in 1935 as Cables Investment Trust Limited by Cable & Wireless and Globe Investment Trust, and renamed as Electra in 1975. At March 31, 2016, Electra’s investment portfolio was valued at £1.7 billion. Alchemy specializes in investing in distressed and undervalued or underperforming businesses and other special situations through debt and equity across Europe. The firm currently has over £1.5 billion of assets under management.]]>

Caledonia Investments Sells Park Holidays UK to ICG for $450M

Caledonia Investments Sells Park Holidays UK to ICG for $450M

Caledonia hired PwC to explore a sale of Park Holidays at a valuation in excess of £250 million, as reported by ExitHub. In September 2015, private equity firm Electra’s Park Resorts merged with Parkdean Holidays, owned by rival private equity firm Alchemy Partners, which created a £1 billion company that became Britain’s biggest holiday home park operator, with 73 sites across the country. “Caledonia’s unquoted strategy is to invest in leading businesses which combine an ability to grow profits whilst also paying a healthy annual cash return to shareholders. Park Holidays has delivered in every respect and we congratulate Jeff Sills and his team, as well as the company’s Chairman, Adrian Fawcett, for their stewardship of the business over the past three years,” said Duncan Johnson, Caledonia’s Head of Unquoted Investments. “We were attracted to Caledonia because of its unique investment model. 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,” said Jeff Sills, CEO of Park Holidays “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,” said Will Wyatt, Chief Executive of Caledonia. With 25 holiday parks in the South of England stretching from Devon in the west to Suffolk in the east, Park Holidays says is the largest operator of parks in the south of England. The company’s performance is said to have been buoyed by a rise in so called “staycations” among Britons. According to data from VisitEngland, £1.9 billion was spent on holiday parks and caravan trips in 2015. Caledonia is a self-managed investment trust company with net assets of £1.6bn. Its heritage can be traced back to the shipping empire established by Sir Charles Cayzer in 1878. Caledonia continues to enjoy the backing the Cayzer family in its fifth generation, who own 48.5% of its share capital. The Cayzer family shareholding provides both support to the firm’s long term value investment horizon and provides a foundation to its culture of conservative generational wealth management. Caledonia maintains a concentrated portfolio of international investments and funds, which are organised as pools of capital, with clearly agreed objectives and strategy. The company, formerly known as the Foreign Railways Investment Trust Ltd, was incorporated in 1928. It was acquired by the Cayzer family in 1951 to hold their diverse interests and was renamed Caledonia Investments Ltd. In 1955 Caledonia acquired the Cayzer family’s interest in the British & Commonwealth Shipping Co. Ltd, formed out of the merger of Clan Line Steamers, the world’s largest cargo carrying line, founded by Sir by Charles Cayzer in 1881, and the iconic Union-Castle Line. In 1960 the company was listed on the London Stock Exchange and in 1981 it was renamed Caledonia Investments PLC. After its holding in British & Commonwealth was sold in 1987, Caledonia Investments became a diversified trading and investment company, which in turn was converted into a UK Investment trust company in 2003.]]>

Onex to Buy British #1 RV Camp Operator Parkdean Resorts from Electra, Alchemy for £1.35B

Electra, Alchemy Hire Rothschild to Exit £1B British #1 RV Camp Operator Parkdean

The Telegraph. The British pound has tanked by 12% against the dollar and by 11% against the euro since the referendum result. In a separate move, Rothschild & Co, the French arm of the banking dynasty, recently agreed to buy Marseille-based wealth management business Compagnie Financiere Martin Maurel for £190 million, creating a private bank with combined assets under management of £27 billion.  Baron David de Rothschild, the bank’s chairman, said: “Our two companies share an independent family model that is a real strength when compared to our competitors.” Parkdean Resorts has seen bookings rise 11 percent after it invested millions on upgrading its sites. The company reportedly invested £36 million in 2015 and is said to be channeling a further £40 million into the business this year, according to the Daily Mail. It is bringing in 400 new and upgraded caravans and lodges, offering double glazing and central heating. The company’s revenues jumped from £371 million in 2014 to £401 million last year, while underlying earnings increased by 16pc to £106.6 million, The Telegraph said. “We have done very well on holiday bookings this year, which have continued to build on last year,” Parkdean chief executive John Waterworth said. “That’s partly due to changing the product mix and putting in better accommodation, and partly due to expanding the number of holiday hire units within existing parks.” “There has been a trend for shorter breaks that has been going on for the last 25 years,” he commented further. “A foreign holiday does not appeal to everybody – some people want a short break where substantial travel is not involved. What we have seen is growth in the popularity of UK short breaks from the domestic market. It has been building very gradually and it continues to build.” A trend for taking shorter breaks instead of longer holidays lengthened the holiday season and boosted Parkdean Resorts’ performance, with the company selling 492,000 holidays in 2015, it said. “Parkdean Resorts is confident of another successful year of growth, with holiday sales for the year 9% ahead of 2015,” Waterworth recently said, according to the Chronicle. “The group has been acquisitive since its formation and we see further opportunities in this highly fragmented sector via both single parks and multi-site portfolios.” Less than a month ago, Parkdean Resorts acquired the five-star Vauxhall Holiday Park resort in Great Yarmouth, in its first acquisition since last year’s merger. Vauxhall comprises 390 caravans and lodges, 48 apartments and 180 touring and camping pitches across 41 acres. Electra Private Equity PLC is a London Stock Exchange listed investment trust focused on buyouts and co-investments, secondaries, debt investments, listed securities and funds. The firm was formed in 1935 as Cables Investment Trust Limited by Cable & Wireless and Globe Investment Trust, and renamed as Electra in 1975. At March 31, 2016, Electra’s investment portfolio was valued at £1.7 billion. Alchemy specializes in investing in distressed and undervalued or underperforming businesses and other special situations through debt and equity across Europe. The firm currently has over £1.5 billion of assets under management. Rival Caledonia Investments Ends Efforts to Sell Park Holidays Electra’s and Alchemy’s contrarian Parkdean Resorts move comes a week after rival private equity firm Caledonia Investments plc (LSE: CLDN) reportedly ended its own efforts to sell caravan park operator Park Holidays following Brexit, Britain’s decision to quit the European Union. Caledonia’s Park Holidays performance is said to have been buoyed by a rise in so called “staycations” among Britons. According to data from VisitEngland, £1.9 billion was spent on holiday parks and caravan trips in 2015. Caledonia’s thinking being that “earnings will rise much faster because Brexit means that more and more people will opt for staycations. They’ll be put off from going abroad because of the collapse in sterling and terror attacks across Europe,” a person familiar with the matter told the British Press Association. In May, Caledonia had put RV caravan park operator Park Holidays up for sale, at an expected valuation in excess of £250 million, and has reportedly hired PwC as its financial advisor. In 2013, Caledonia acquired Park Holidays for £172 million. In a separate recent deal, Caledonia acquired Gala Bingo, the UK market leading retail bingo operation, from Gala Coral, for £241 million. With 25 holiday parks in the South of England stretching from Devon in the west to Suffolk in the east, Park Holidays says is the largest operator of parks in the south of England. Caledonia is a self-managed investment trust company with net assets of £1.6bn. Its heritage can be traced back to the shipping empire established by Sir Charles Cayzer in 1878. Caledonia continues to enjoy the backing the Cayzer family in its fifth generation, who own 48.5% of its share capital. The company, formerly known as the Foreign Railways Investment Trust Ltd, was incorporated in 1928. It was acquired by the Cayzer family in 1951 to hold their diverse interests and was renamed Caledonia Investments Ltd. In 1955 Caledonia acquired the Cayzer family’s interest in the British & Commonwealth Shipping Co. Ltd, formed out of the merger of Clan Line Steamers, the world’s largest cargo carrying line, founded by Sir by Charles Cayzer in 1881, and the iconic Union-Castle Line. In 1960 the company was listed on the London Stock Exchange and in 1981 it was renamed Caledonia Investments PLC. After its holding in British & Commonwealth was sold in 1987, Caledonia Investments became a diversified trading and investment company, which in turn was converted into a UK Investment trust company in 2003.]]>

Caledonia Investments Sells Park Holidays UK to ICG for $450M

Cayzers' Caledonia Ends Efforts to Sell British RV Camp Operator Park Holidays

May 4, 2016

Cayzers’ Caledonia Hires PwC to Sell British RV Camps Operator Park Holidays

Private equity firm Caledonia Investments plc (LSE: CLDN) has put RV caravan park operator Park Holidays up for sale, at an expected valuation in excess of £250 million. In 2013, Caledonia acquired Park Holidays for £172 million. Caledonia has reportedly hired PwC as its financial advisor in connection with the sale process. The move comes after the September 2015 merger of private equity firm Electra’s Park Resorts with Parkdean Holidays, owned by rival private equity firm Alchemy Partners, which created a £1bn company that became Britain’s biggest holiday home park operator, with 73 sites across the country. In a separate recent deal, Caledonia acquired Gala Bingo, the UK market leading retail bingo operation, from Gala Coral, for £241 million. Park Holidays has performed well since Caledonia’s acquisition in November 2013. In January 2016, Caledonia completed a refinance of Park Holidays, the UK’s third largest caravan holiday park operator with parks concentrated in the south of England. The debt facilities were raised entirely from Park’s pre-existing syndicate of the five major UK clearing banks. The refinance enabled a distribution to all shareholders which, coupled with previously received dividends, is said to have returned c.48% of Caledonia’s original investment. With 25 holiday parks in the South of England stretching from Devon in the west to Suffolk in the east, Park Holidays says is the largest operator of parks in the south of England. The company’s performance is said to have been buoyed by a rise in so called “staycations” among Britons. According to data from VisitEngland, £1.9 billion was spent on holiday parks and caravan trips in 2015. Caledonia is a self-managed investment trust company with net assets of £1.6bn. Its heritage can be traced back to the shipping empire established by Sir Charles Cayzer in 1878. Caledonia continues to enjoy the backing the Cayzer family in its fifth generation, who own 48.5% of its share capital. The Cayzer family shareholding provides both support to the firm’s long term value investment horizon and provides a foundation to its culture of conservative generational wealth management. Caledonia maintains a concentrated portfolio of international investments and funds, which are organised as pools of capital, with clearly agreed objectives and strategy. The company, formerly known as the Foreign Railways Investment Trust Ltd, was incorporated in 1928. It was acquired by the Cayzer family in 1951 to hold their diverse interests and was renamed Caledonia Investments Ltd. In 1955 Caledonia acquired the Cayzer family’s interest in the British & Commonwealth Shipping Co. Ltd, formed out of the merger of Clan Line Steamers, the world’s largest cargo carrying line, founded by Sir by Charles Cayzer in 1881, and the iconic Union-Castle Line. In 1960 the company was listed on the London Stock Exchange and in 1981 it was renamed Caledonia Investments PLC. After its holding in British & Commonwealth was sold in 1987, Caledonia Investments became a diversified trading and investment company, which in turn was converted into a UK Investment trust company in 2003.]]>

Sun Communities to Acquire Carefree From Centerbridge Capital for $1.68B

Sun Communities to Acquire Carefree From Centerbridge Capital for $1.68B

Centerbridge LP is a investment management firm focused on private equity and credit investment opportunities. As of March 2016, the Firm has approximately $25 billion in capital under management with offices in New York and London. The firm is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives. Centerbridge was founded in 2005 by Jeffrey Aronson and Mark Gallogly, and is headquartered in New York city, with an additional office in London, United Kingdom . ]]>