A Travers Smith team led by private equity partner Adam Orr and head of private equity Paul Dolman has advised certain members of the management of Park Resorts and Parkdean Holidays on the proposed merger of the two companies, a transaction that gives the enlarged business an enterprise value of £960 million.
The Travers Smith team also included corporate associates Jeremy Dennison and Adam Martin.
Electra Partners LLP, acting on behalf of its client Electra Private Equity PLC ("Electra") and Alchemy Partners ("Alchemy"), the existing majority owners of Park Resorts and Parkdean Holidays, respectively, will together continue to hold a majority of the combined group. A significant share of the remaining stake in the combined business will be held by management. The transaction is subject to approval from the Competition and Markets Authority and the Financial Conduct Authority.
Park Resorts is a holiday park operator with 49 coastal holiday parks across England, Scotland and Wales. The company employs over 3,500 staff during peak holiday season and is headquartered in Hemel Hempstead. Park Resorts incorporates a holiday sales business as well as a caravan sales business.
Parkdean Holidays is a UK focused self-catering holiday park operator with 24 sites primarily located in the South West of England and Scotland. The company employs over 2,500 staff during peak holiday season and offers a range of accommodation, including caravan holiday homes, lodges, apartments and chalets, which are available for short breaks and longer holidays throughout the year.
Electra and Park Resorts were represented by Clifford Chance LLP. Macfarlanes LLP acted for Alchemy and Parkdean Holidays. Management were provided with tax advice by KPMG.