A £182 million deal for premium holiday park operator Park Leisure has been agreed by US firm Sun Communities, taking its spending in the UK over £1 billion in the past six months.
The 24-year-old business, which was owned by Midlothian Capital Partners and a consortium of investors for the past five years, has 11 award-winning locations across the UK.
Sun, a New York Stock Exchange listed real estate investment trust that focuses on parks, motorhome resorts and marinas, has swooped for the 2,900 pitch portfolio, with completion anticipated in the second half of the year.
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It follows hot on the heels of a £950 million buy-out of one of the UK’s leading operators, East Sussex-based Park Holidays.
Andrew Bracey of MCP and chairman of York-based Park Leisure, said: “Park Leisure is a great business.
“We invested significant time and resources to help grow and develop the company over the past five years. We are delighted to hand stewardship to Sun and Park Holidays - we are confident they will support the company in its next phase of growth.
“We wish the business and new owners every success as they embark on the next exciting chapter for Park Leisure.”
Focused on coastal areas and areas of outstanding natural beauty, operational enhancements have led to “exceptional growth” under MCP, with earnings more than doubling during the tenure.
Owner-led, the parks that make up the group are Chantry, Littondale and Yorkshire Dales in Yorkshire; Oyster Bay, Par Sands and Pentire in Cornwall, Brynteg and Plas Coch in Wales; Ribble Valley in Lancashire, Amble Links in Northumberland and Malvern View in Herefordshire.
Richard Bates, chief executive of Park Leisure, said: “We are delighted that Sun Communities has agreed to purchase Park Leisure.
As one of the leading holiday operators in the UK we are excited by the opportunity to grow our holiday park footprint even further, continue to enhance our customer experience and to be able to offer more park landscapes and facilities.”
The transaction is subject to regulatory approvals as well as completion of Sun’s acquisition of Park Holidays.
MCP was advised by Rothschild & Co, Slaughter and May and EY.
Founded by Mr Bracey, Aidan Clegg and Neil Currie, Park Leisure had been in an investment stable with Dobbies Garden Centres, which it retains.
