Phoenix Equity acquires KPC-backed Bridge Leisure

The deal, which values the business at around £36m according to The Times, will see Bridge Leisure acquire the Silver Sands Holiday Park near Lossiemouth in Scotland. It also marks an exit for KPC.

The business will seek to make further bolt-ons under Phoenix’s tenure, as well as investing in the expansion of its existing parks.

Phoenix stated it was attracted to the deal by Bridge Leisure’s management team and the lack of consolidation within the holiday park sector.

The acquisition is Phoenix’s second deal in the tourism industry in quick succession, having bought UK-based Riviera Travel in a deal reportedly worth £130m at the end of 2014. The GP also backed the £31.5m management buyout of Weststar Holidays in 2005, which it sold to Parkdean Holidays’ owner PD Parks for £83m two years later.

Debt
Ares Management and RBS provided debt funding to support the transaction.

Previous funding
KPC invested £15m in Bridge Leisure in September 2010 to support the acquisition of two holiday parks in Yorkshire and Cornwall. The business added its third location in 2012 when it acquired a site in Turnberry.

Company
Headquartered in Milton Keynes and founded in 2008, Bridge Leisure was originally founded as a holiday park consultancy and management business. 

People
David Burns is managing partner at Phoenix. Jason Katz led the KPC team that worked on the original deal. Andrew Howe is CEO of Bridge Leisure.

Advisers
Equity – Eversheds (Legal); Travers Smith, Edmund Reed, Andrew Gregson, Alex Dixon, Fiona Swords, Will Sheridan (Debt advisory).
Vendor – Travers Smith, Paul Dolman, Russell Warren, Ian Keefe, Katie McGarry, Andrew Callaghan, Jamie Parish (Legal, Tax, Corporate finance).
Management – Burness Paull (Legal).

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Phoenix Equity Partners