CBPE exits ABI Holiday Homes

Pricoa Private Capital also invested for a minority stake in the company.

CBPE has achieved a money multiple return of 3x on its investment and an IRR of 36.9%, according to a statement.

ABI was a CBPE Capital Fund IX company; the fund closed on £459m in August 2016. This is its first realisation.

Previous funding
CBPE invested in ABI in 2016. During its holding period, the company expanded its manufacturing facilities and entered the twin lodge market.

LGV secured a majority stake in ABI via a management buyout from Barclays Ventures in 2011, a deal that valued the business at between £25-75m.

Company
Founded in 1998, ABI sells caravan holiday homes, which it manufactures in Beverley, East Yorkshire, where it employs 500 people. For the year ending on 31 August 2018, ABI reported operating profit of £15.5m from revenues of £117.8m.

People
CBPE – Tom Biddle (partner).
ABI Holiday Homes – Richard Jones (CEO).

Advisers
Vendor – Duff & Phelps (corporate finance); DLA Piper (legal).

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• Topics
• Exits
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• DLA Piper
• Close Brothers Private Equity (CBPE)
• Management buyback
• Minority investing