Two buyout firms have joined forces in the £1.6billion race to buy Parkdean Resorts, Britain’s largest holiday park operator.
Sky News understands PAI Partners and property funds managed by TPG are working on a joint offer for Parkdean, who has been among the beneficiaries of the UK staycations boom.
As of Thursday, it was unclear which other bidders were still competing to buy the company, which is owned by Canada’s Onex Corporation.
Apollo Global Management, which appeared as a contender to buy Parkdean a few weeks ago, is said to have dropped out of the process.
Onex bought Parkdean for £1.3bn at the end of 2016 and has seen its 60+ parks operating at near full capacity this year, according to insiders.
The industry as a whole is benefiting from a post-COVID sales rebound leading to a spate of corporate acquisitions in the industry.
Morgan Stanley is leading the sales process.
Last year Park Holidays was bought by US-based Sun Communities for nearly £1bn, while CVC Capital Partners bought out rival Away Resorts.
Sun Communities also bought Park Leisure, a smaller operator, for around £180m, whilst Butlin’s is now also on the market, attracting interest from private equity firms such as TDR Capital and Epiris.
PAI, TPG and Parkdean all declined to comment.
Buyout firms join forces in £1.6billion race to acquire Staycations giant Parkdean | business news
Source link Buyout firms join forces in £1.6billion race to acquire Staycations giant Parkdean | business news