Park Resorts has received backing for a management buy-out of the business enabling its founder to increase its equity stake.
David Vaughan, who founded the company six years ago, and his management team have received backing from private equity company GI Partners for the £440m deal.
The company, one of the UK’s largest owners and operators of caravan parks runs 35 parks in prime costal locations across the UK spanning from the Isle of Wight to the East coast of Scotland.
Vaughan began the business through the buy-out of 12 parks from Bourne Leisure and has expanded through further acquisitions including GB Holiday Parks in 2004.
Its private equity partner ABN AMRO Capital has exited as a result of the deal.
Vaughan and his team and his team are co-investing for a significant minority position in the company and will spearhead the business as it begins its next phase of growth.
David Vaughan, chief executive of Park Resorts, said: “It is a privilege to have the opportunity to work with GI Partners who have detailed understanding of the business and the caravan market.
“We are excited to be entering the next phase of Park Resorts’ development and look forward to growing the business further as we take advantage of the strong market opportunities which lie ahead.”
The Bank of Scotland provided the debt for the buyout and will be supporting the growth of the business with acquisition facilities.
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