LDC sells Away Resorts to Bregal Freshstream

Financial details of the transaction remain undisclosed, though Unquote understands that the transaction values the company at more than £100m. The deal is the 10th made by Bregal Freshstream's 2015-vintage €600m maiden fund, which writes equity cheques of €30-100m.

A person with knowledge of the situation told Unquote that the vendor generated a money multiple of around 3x on its investment, though a spokesperson for LDC declined to comment on returns.

Away Resorts will look to invest £25m in the expansion of its portfolio following the deal.

The transaction comes two and a half years after the company refinanced with a debt package from Permira to support its acquisitive growth strategy. Away Resorts has bolted on two holiday parks during the course of LDC's four-year holding period, most recently acquiring New Forest-based Sandy Balls in 2017. The business has also invested in the refurbishment and expansion of its existing sites.

According to a statement, the company has increased its revenues from £22m at the time of LDC's initial backing to £63m in 2018, with its headcount also growing from 450 to 950.

LDC will reinvest for a minority stake in Away Resorts. The transaction is subject to FCA approval.

Previous funding
Away Resorts first received private equity backing in 2008, when CBPE acquired the company.

LDC then invested £18.5m to acquire a majority stake in the business in 2015, and provided further expansion capital to support bolt-ons in 2016 and at the time of the refinancing in 2017.

Company
Founded in 2007 and headquartered in Hemel Hempstead, Hertfordshire, Away Resorts owns and manages six holiday resorts across the UK.

People
LDC – Richard Whitwell (director).
Bregal Freshstream – Giles Marshall (director).
Away Resorts – Carl Castledine (CEO).

Advisers
Vendor – Gowling WLG (legal); Freeths (legal); DC Advisory (corporate finance); PwC (financial due diligence); CIL (commercial due diligence).
Acquirer – Deloitte (corporate finance); Clearwater International (corporate finance); Willkie Farr & Gallagher (legal).

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• Topics
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