Freshstream nets 4x on sale of Away Resorts to CVC

A source close to the deal told Unquote that Freshstream achieved a return of around 4x on the deal.

The GP's exit comes two years after it acquired a majority stake in Away Resorts from LDC, while LDC retained a significant minority stake.

CVC will acquire a majority stake in the company and deploy equity from its CVC Capital Partners VIII fund, which closed on €21.3bn in July 2020. 

CVC managing director David Wells said in a statement that the business was "well positioned in a fragmented and growing market that benefits from strong consumer tailwinds".

The sale is Freshstream's second full exit and fourth significant liquidity event in its first fund since making its first investment in 2016.

The acquisition is subject to regulatory approval and expected to complete later this year.

Company
Founded in 2008 and based in Hemel Hempstead, Away Resorts operates nine caravan parks in the UK, including Tattershall Lakes in Lincolnshire and Sandy Balls in the New Forest. The business recently acquired a holiday park in Cornwall, St Ives Bay.

People
Away Resorts – Carl Castledine (CEO).
CVC Capital Partners – David Wells (managing director). Freshstream – Gilles Gradassi (principal).

Advisers
Vendor – Rothschild (M&A).

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

• Topics
• Buyouts
• UK / Ireland
• Consumer
• CVC Capital Partners
• LDC
• United Kingdom