Epiris is pleased to announce a further investment of £25 million by Electra Private Equity PLC ("Electra") in Park Resorts, a leading UK operator of caravan holiday parks. The investment is made in preference shares acquired from GI Partners at a discount to their face value.
Electra originally invested in Park Resorts in 2012, buying the company's senior debt. Epiris' strategy was to take an equity position in Park Resorts through a restructuring of the company's debt and thereafter to grow the business organically and through acquisition. This strategy is being delivered through: a refinancing led by Epiris in August 2013; the acquisitions of South Lakeland Parks, Southview and Manor Park holiday parks ("SVMP") and most recently the Summerfields Holiday Park; and a number of investment and operational improvement programmes which resulted in profits across Electra's caravan park businesses growing by 28% to £58 million, on revenues which rose by 7.5% to £230 million, in 2014.
Alex Fortescue, Chief Investment Partner of Epiris, said:
"This latest investment in Park Resorts reflects the company's strong performance and prospects following the refinancing we led in 2013 and the implementation of our growth strategy thereafter."
Alex Fortescue and Sarah Williams are responsible for the Park Resorts, South Lakeland Parks and SVMP deals.
This is the seventh acquisition Epiris has announced this financial year, which include the acquisition of TGI Fridays in December 2014 and the follow-on investment in Allflex Corporation in January. In the year to 30 September 2014, Epiris announced a record level of new investment investing £410 million on behalf of its major client Electra Private Equity PLC.
Epiris refers to Epiris LLP acting on behalf of its client Electra Private Equity PLC.
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For further information please contact:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Epiris
+44 (0)20 7306 3902
Note to Editors:
About Epiris LLP
Epiris is an independent private equity fund manager with over 25 years' experience in the mid-market. During the last 25 years it has invested in excess of £4.4 billion in more than 200 deals. As at 30 September 2014, the firm had funds under management of over £1.6 billion including capital available for investment of circa £300 million.
Epiris' flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm's major client is Electra Private Equity PLC ("Electra"), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2014, Electra has seen diluted NAV per share growth of 262% (equivalent to a ten-year annualised return on equity of 14%) compared to a 120% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Epiris LLP is authorised and regulated by the Financial Conduct Authority.
About Park Resorts
Park Resorts is the UK's leading holiday park operator with 49 coastal holiday parks across England, Scotland and Wales. The company employs over 3,500 staff during the peak holiday season and is headquartered in Hemel Hempstead. Park Resorts incorporates a holiday sales business as well as a highly successful and profitable caravan sales business.
For further information please visit www.park-resorts.com or www.southlakelandparks.co.uk.