Roompot

Exit deal

After two years, Bencis Capital Partners has sold it stake in holiday parks operator Roompot to ABN AMRO Capital. No financial figures have been disclosed, but according to Jeroen Pit of Bencis, the money made from the exit was 'substantially above the required returns in the private equity industry'. Commenting on the deal, Pit goes on to state 'The Roompot investment clearly demonstrates the Bencis approach to value creation. Together with management, we have grown Roompot into the clear consolidator in the Dutch holiday parks market.' Pit and Jeroen Vos handled the exit for Bencis, who received unsolicited offers from various parties for the company, and decided to negotiate exclusively with ABN AMRO on the basis of these offers.Founded in 1965, Roompot now owns 24 parks and employs 750 staff. The company will have a turnover of some E125m in 2005.

Previous funding

Bencis acquired Roompot via an MBO in March 2003 (page 14 , June 2003), and subsequently pursued a successful growth strategy resulting in doubling both sales and profitability. This growth was accomplished both through organic growth and add-on acquisitions of other holiday parks, including Weerterbergen, de Katjeskelder and Kijkduin. Financial details of the deal were not disclosed at the time. Bencis, then NeSBIC, took a 55% stake in the company; the management diluted theirs to 45%. Rabobank provided the debt package to help finance the deal, described as having a straightforward A/B senior facilities structure with working capital. Of the total value of the deal, 37% was equity, 63% was debt. The company was originally bought from the director/owner and some minority shareholders. There was no shift in the equity balance in the period between the original investment and the exit.

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