Electra's Park Resorts completes £49m Eastern Parks bolt-on

Electra contributed £20m of equity towards the transaction, which brings the GP's investment in the holiday park sector to more than £100m.

The latest acquisition marks the continuation of Electra's strategy for consolidating the fragmented holiday parks sector. Under the GP's tenure, Park Resorts bolted on South Lakeland Parks for £47m last year.

Eastern Parks is the holding company for Southview and Manor Park, which have both been under Park Resorts' management since 2010.

Debt
Investec Growth & Acquisition Finance provided an integrated debt facility to finance the transaction.

Previous funding
Park Resorts was previously under GI Partners' ownership before lenders moved to take control of the company in 2009.

GI originally acquired the holiday parks operator in 2007 in a deal that included £350m of debt. In 2009, the GP entered restructuring talks with the company's lenders, led by Lloyds, over a debt-for-equity swap that eventually saw GI maintain a stake in the business.

Electra first invested in Park Resorts in January 2012, when it acquired Lloyds' term debt for £45.5m. In July 2013 the GP refinanced the company's existing debt, bringing its stake in the Park Resorts to 54%. In doing so, it extended the company's debt maturity - originally due in April 2014 - to December 2017.

Company
Eastern Parks is a holiday park company that operates Southview in Skegness, Lincolnshire, and Manor Park in Hunstanton, Norfolk. The company manages a combined 2,000 camping pitches, a nine-hole golf course and a four-star hotel.

People
Alex Fortescue is chief investment partner at Electra and led the deal alongside Sarah Williams and Nicola Gray. Guy Gillon is founding partner at Bluebird. David Boden is CEO of Park Resorts.

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• Topics
• Portfolio management
• UK / Ireland
• Consumer
• Electra Private Equity
• Electra Partners LLP
• United Kingdom
• GI Partners