Stirling reaps 3x on Siblu Villages sale to Naxicap

The sale generated an IRR of around 30%, Unquote understands, and represents the first exit for Stirling Square Capital Partners III, closed on €660m in 2016. 

Since Stirling's acquisition in August 2015, Siblu's EBITDA has increased from €20m at entry to €39m at exit.

Over the course of its four-year ownership, the GP expanded Siblu's operating footprint in France through five park acquisitions and five land acquisitions, and entered the Dutch market with two park acquisitions. Overall, pitch capacity grew by 45%.

Previous funding
Hermes Private Equity first invested in Siblu, backing the business in a €150m deal in 2006.

The GP sold the business to Bridgepoint Development Capital three years later. Under Bridgepoint's tenure, Siblu expanded across the fragmented holiday parks segment as it bolted on six facilities and prompted a transition from a hire business model to an ownership-based one. The holiday operator also underwent an €80m refinancing in 2013.

Bridgepoint sold the company to Stirling Square Capital Partners in 2015. 

Company
Founded in 2004 as a spinout from UK company Bourne Leisure, Siblu is a tourism company operating 22 holiday villages across France and the Netherlands. The business is headquartered in Pessac.  

People
Stirling Square Capital Partners – Julien Horreard (partner).

Advisers
Vendor – Harris Williams & Co (corporate due diligence); Kirkland & Ellis (legal).

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