Electra Partners is pleased to announce that it has led the refinancing of Park Resorts' debt facilities. Following completion of the refinancing, funds managed or advised by Electra Partners (including Electra Private Equity PLC and third party investors) will become the majority shareholders in the company with a 54% stake. Existing shareholder GI Partners will become a minority shareholder and management will take a significant stake. The refinancing is signed and is expected to complete within two weeks.

Park Resorts is a leading operator of holiday parks offering caravan holidays and holiday homes at its 39 sites across England, Scotland and Wales.

Upon completion of the refinancing, funds managed or advised by Electra Partners will hold senior debt and PIK notes with a par value of £145 million.

The refinancing of the existing debt facilities will reduce the company's senior debt from £353 million to £316 million and extend its maturity to December 2017. The refinancing will also allow £60 million of capital to be made available for investment to improve facilities in existing holiday parks.

Along with the refinancing, Park Resorts has also announced the appointment of David Boden as CEO. David has over 30 years' experience in the leisure industry having held senior Board level positions at Rank Group Plc and Hippodrome Casinos Ltd. David replaces founder David Vaughan who, following 12 years as CEO, becomes Chairman.

Alex Fortescue, Chief Investment Partner at Electra Partners, said:

"This deal showcases the flexibility of the capital we manage for Electra Private Equity PLC. The initial investment was in Park Resorts' debt, and upon completion our clients will take a controlling equity position through a transaction which gives the company the solid financial foundation it requires to continue its growth strategy."

David Vaughan, Chairman of Park Resorts said:

"I'm thrilled to have worked successfully with Electra Partners to create the right platform to grow and develop the business. There are many exciting opportunities to improve park facilities and to add to the business and we are looking forward to working to deliver these over the coming years."

Alex Fortescue and Sarah Williams are responsible for the investment in Park Resorts and both represent Electra Partners on the Board of the company.

2013 has been a busy year for Electra Partners, announcing five investments and two realisations, the most recent of these being the US$1.35 billion sale, and subsequent US$85 million (£57 million) reinvestment in animal tagging business, Allflex.

Electra Partners refers to Electra Partners LLP and/or EQM Capital LLP acting on behalf of Electra Private Equity PLC and other third party investors.



For further information please contact:
For Alex Fortescue or Sarah Williams:
Charlotte McMullen, M:Communications  +44 (0)20 7920 2349
Nicholas Board and Andrew Kenny, Electra Partners  +44 (0)20 7306 3902


Note to Editors:

About Electra Partners LLP

Electra Partners is an independent private equity fund manager with over 30 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £3 billion in over 150 deals. As at 31 March 2013, the firm had funds under management of over £1.6 billion. Electra Partners' flexible investment approach allows it to invest broadly across the private equity market with particular focus in three areas: buyouts & growth capital, secondaries and debt.

The firm's major client is Electra Private Equity PLC, a private equity investment trust which has been listed on the London Stock Exchange since 1976.

For further information please visit www.electrapartners.com.

Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.

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