Electra Partners today announces that it has invested £45.5 million in acquiring term debt in the caravan parks operator, Park Resorts, from Lloyds Banking Group at a discount to face value. The debt facilities mature in April 2014.
Park Resorts is a leading operator of holiday parks offering caravan holidays at its 39 sites across the UK including Essex, Yorkshire, Kent, Sussex and Scotland. The company was acquired by GI Partners in a secondary buyout in 2007.
Alex Fortescue, Chief Investment Partner at Electra Partners, said: "We have been tracking the caravan park sector for some time and were attracted to Park Resorts' leading position and very strong management team in a resilient sector. Electra's flexible mandate allows us to take advantage of these types of debt acquisition opportunities - we expect to see many more as banks seek to deleverage and simplify their portfolios".
The Electra Partners deal team includes Alex Fortescue and Sarah Williams.
This investment follows a busy 2011 for Electra Partners in which it completed the acquisitions in March of both heating and hot water treatment specialist, Sentinel Performance Solutions, and fine art materials supplier Daler-Rowney, a secondary investment in Steadfast Capital's second fund in June, and the acquisition of insurance claims solutions provider Davies Group in September.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.