By Tom Leaning
Onex Corporation has announced it has agreed to acquire the North East-based Parkdean Resorts for £1.35 billion.
Onex is a large private equity firm based in Toronto, Canada. The transaction is anticipated to close in the first quarter of 2017, subject to customary conditions and regulatory approvals.
Parkdean Resorts owns and operates 73 caravan holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year. The company offers a wide range of accommodation, from caravans and camping pitches to chalets, apartments and lodges. Parkdean Resorts employs over 6,000 staff during the peak holiday season and is headquartered in Hemel Hempstead and Newcastle.
“Parkdean Resorts has built the market-leading affordable holiday park business in the UK, with a strong base of loyal customers in an attractive segment of the domestic holiday market,” said Tony Morgan, a Managing Director with Onex. “We are excited to partner with John Waterworth and his team to continue to support the company’s growth, both organically and through acquisition.”
“This is an exciting opportunity for Parkdean Resorts,” said John Waterworth, Parkdean Resorts’ Chief Executive Officer. “We look forward to working with Onex to further enhance our parks and leisure facilities during our next phase of growth.”
Onex Partners IV and Onex have committed to make an equity investment of approximately CAD$750 million.
