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Caledonia sells Park Holidays

19 December 2016 07:34

Caledonia Investments has agreed terms for the sale of Park Holidays UK, the UK's third largest holiday park operator, to Tiger Bidco Limited, a special purpose vehicle incorporated by Intermediate Capital Group, for a headline enterprise value of £362m.

Caledonia will receive £197m in cash, net of fees, for the sale of its 81.5% fully diluted equity stake.

The net proceeds will be held on deposit for future investment. The net proceeds represent a premium of 47% to Caledonia's carrying value of Park Holidays at 30 Septemberof £134m and are in addition to £41m of cumulative distributions that the Caledonia group has received from Park Holidays since it acquired the business in 2013.

Overall, Caledonia will have realised a net IRR of 44% and a money multiple of 2.9x from its investment in Park Holidays.

Park Holidays was originally acquired by Caledonia in November 2013 for a headline valuation of £172m. At that time, Caledonia backed Park Holidays' incumbent senior management team of Jeff Sills (chief executive), Al Loch (chief financial officer), Tony Clish (commercial director) and Adrian Fawcett (non-executive chairman), all of whom will remain in place following the sale to ICG.

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