CBPE exits Away Resorts to LDC

CBPE supported Away Resorts' management team in order to acquire four existing parks nationwide. Most recently, the company acquired the Barmouth Bay Holiday Park in February 2013.

Under LDC's tenure, the business will continue its acquisitive growth strategy. Away Resorts will also expand the existing sites and improve facilities by adding pools, gyms, spas, bars restaurants and water sports.

The company stated it was responding to recent trends – in particular, the increasing popularity of more upmarket versions of camping.

LDC has a prior track record in the travel and leisure sector. In 2013, the GP provided portfolio company Forest Holidays, a rural holiday accommodation provider, with follow-on funding in order to acquire its eighth site.

Debt
Lloyds Bank Commercial Banking is providing a debt package to support the deal.

Previous funding
CBPE backed Away Resorts' first acquisition in February 2008, when the group acquired the Whitecliff Bay site on the Isle of Wight.

Company
Founded in 2008 and headquartered in Hemel Hempstead, Away Resorts is an operator of holiday parks. The company generates a turnover of £22m.

In addition to the aforementioned locations, the business has two further sites in Mill Rythe, Hampshire, and Tattershall Lakes, Lincolnshire. Away Resorts provides accommodation including cottages, lodges and caravans, as well as recreational activities.

People
Richard Whitwell and Ben Snow led the deal for LDC and will take seats on the Away Resorts board. Carl Castledine is managing director of Away Resorts.

Advisers
Equity – PwC (Corporate finance); Freeths Solicitors (Legal).
Vendor – Wragge Lawrence Graham & Co (Legal); Clearwater International (Corporate finance).
Company – Squire Patton Boggs (Legal).

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• Topics
• Exits
• UK / Ireland
• Consumer
• United Kingdom
• LDC
• Close Brothers Private Equity (CBPE)