BDC sells Siblu to Stirling Square

Enterprise value for Siblu was not revealed, yet Stirling Square typically seeks companies valued in the €50-500m space.

The buyout comes six years after Bridgepoint became a shareholder in Siblu, when Hermes Private Equity transferred its direct investments to the GP in March 2009. Hermes had picked up Siblu in 2006, in a transaction that valued the business around the €150m mark.

Under Bridgepoint's tenure, Siblu has 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 underwent an €80m refinancing in March 2013. The new loans, supplied by banks Barclays and Societe Generale and debt fund managers Babson, Hayfin and Tikehau, assisted Siblu as it sought to diversify its financing sources and drive down debt costs.

The exit is the second to be announced by Bridgepoint in the space of two days. On 29 July, the GP revealed an agreement to sell French luxury cruise operator Ponant to investment holding Artémis three years after carving it out from parent CMA-CMG.

Debt
Siblu's change of hands featured a unitranche facility and a capex financing line co-arranged by mezzanine house Babson Capital Management. 

Company
Founded in 2004 as a spinout from UK company Bourne Leisure, Siblu is a tourism operator that manages 14 holiday villages and parks in Normandy, Brittany, the French west coast, the Loire Valley and the Mediterranean area. With headquarters in Pessac, the business reported sales nearing €100m in 2013.

People
Executive Julien Horreard led the deal for Stirling Square Capital Partners, while BDC was represented by partner Mark Stroud.

Advisers
Vendor – Canaccord (M&A); Travers Smith (Legal).
Management – Norton Rose (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• Stirling Square Capital Partners
• Secondary buyout