Alchemy's Parkdean completes £180m refinancing

Funds were invested via the European Senior Secured Loan Programme (ESSLP), which is jointly managed by GE and Ares.

The refinancing saw the provision of a £153m unitranche facility, as well as a further £27m supplied as subordinated debt.

Previous investment
Parkdean has a rich history of private equity dealings, having been first bought out by 3i for £25m in November 1999, according to unquote" data. 3i then provided follow-on financing to support the company's acquisition of seven holiday parks from Bourne Leisure in April 2001. In May 2002, the company was listed on AIM, where it achieved a market cap of £32.4m and provided a full exit for 3i.

Alchemy took the company private in June 2006 in a £230m deal, picking up an 80% equity stake. In July 2007, Alchemy supported Parkdean's acquisition of Weststar holdings from Phoenix Equity Partners in a £83m deal.

Company
Parkdean operates self-catering holiday parks, counting 15 in the South West, six in Scotland, two in South Wales and one in Norfolk. The company offers caravan holiday homes, lodges, apartments and chalets.

The company was founded in 1999 as part of the 3i buyout.

People
Owen Verrier Jones is head of mid-market origination at GE. Mike Dennis is a partner at Ares.

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• Topics
• UK / Ireland
• Restructuring
• Consumer
• Alchemy Partners LLP
• 3i
• Phoenix Equity Partners
• GE Capital
• United Kingdom