Electra invests £25m for additional stake in Park Resorts

The deal saw Electra, which already owned a majority stake in the holiday park business, acquire a further minority shareholding at a discount to face value.

The deal comes weeks after Park Resorts bolted on Summerfields Holiday Park, bringing the total number of resorts operated by the company to 49. The acquisition was the company's third under Electra. It had previously previously bought Southview and Manor Park from Bluebird Partners and a European bank for £49m in August 2014, in addition to acquiring South Lakeland Parks in 2013.

Previous funding
Electra first invested in Park Resorts in January 2012 in a £45.5m debt-for-equity transaction, which saw it acquire term debt from Lloyds at a discount to face value. Later that year it acquired two further debt packages, bringing its investment in the company to £69.8m.

The firm's stake in Park Resorts increased to 54% in 2013 following a debt refinancing.

GI Partners had originally acquired Park Resorts via a £440m secondary buyout from ABN Amro and Close Brothers Private Equity in 2007. It made a partial exit in October 2009, when creditors took control of the company in a £325m debt restructuring deal.

Company
Founded in 2001 and headquartered in Hemel Hempstead, Park Resorts is a holiday park operator. In 2014, the business generated revenues of £230m and profits of £58m – up 7.5% and 28% year-on-year, respectively.

Park Resorts has a headcount of around 3,500 and operates 49 coastal sites.

People
Alex Fortescue and Sarah Williams oversee Electra's investment in Park Resorts.

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