Blackstone in £2.5bn Center Parcs exit to Brookfield

Blackstone's exit comes as the GP had been considering listing the company, and sees Blackstone sell its interest nine years after it took the business private in a £205m deal.

It was reported Center Parcs had been pursuing a dual-track process, with Brookfield's bid trumping offers from CVC Capital Partners and the Canada Pension Plan Investment Board.

The deal is scheduled to complete by the end of July.

Previous funding
Center Parcs first came under private equity ownership in 2001, when Deutsche Bank Capital acquired the business in an LBO from Scottish & Newcastle, which saw the company split into UK and Continental Europe divisions.

The UK business was sold and listed on London's AIM market in September 2003, raising £245m. Blackstone took the company private three years later in a deal valued at £205m.

The GP completed a £1bn refinancing of Center Parcs UK in 2012, which saw a further £100m injected into the business.

Company
Center Parcs operates five short-break holiday villages across the UK, which the company claims are visited by 1.7 million people each year.

The business, based in New Ollerton, Nottinghamshire, was founded in 1987. Center Parcs UK employs around 7,500 people.

People
Ric Clark is the CEO of Brookfield. Gerry Murphy is the chair of Blackstone. Martin Dalby is the CEO of Center Parcs UK.

Advisers
Vendor - Freshfields Bruckhaus Deringer (Legal).
Acquirer - Mayer Brown (Legal).
Management - PwC (Corporate finance); Travers Smith (Legal).

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

• Topics
• UK / Ireland
• Exits
• Consumer
• Blackstone Group
• United Kingdom