RJD-backed Verdant Leisure acquires English country park

Sonnie Ehrendal
09 January 2012

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RJD-backed holiday park operator Verdant Leisure has acquired Northumberland-based Riverside Country Park.

The deal represents the second add-on acquisition for Scottish Verdant Leisure, following the addition of Viewfield Manor in July 2011. It brings its total number of parks up to four and expands the company's operations to Northern England. An undisclosed amount of additional equity has been provided from RJD Private Equity Fund II, which closed at £180m in 2006.

The deal originated from research by Verdant Leisure's board. In addition to financial support, RJD has been involved in vendor negotiations and business planning in relation to the deal. Partner Frank Bulman told unquote" that further opportunistic bolt-on acquisitions may be of interest.

RJD took a 75% stake in Verdant Leisure in a September 2010 MBI.

Debt
Further senior debt was arranged from previous debt provider Yorkshire Bank Corporate and Structured Finance. The leverage ratio remained unchanged.

Company
Riverside Country Park, based in Wooler, UK, is a 78-acre park offering recreational activities and accommodation. It houses 440 static pitches, 72 touring pitches, supporting facilities and operates all year round.

People
Managing partner Richard Caston, partner Frank Bulman and investment manager Richard Court supported the deal on behalf of RJD. Graham Hodgson is CEO of Verdant Leisure.

Advisers
Management – Grant Thornton (Financial due diligence); Eversheds (Legal); CBRE (Property due diligence).