2 February, 2017
Midlothian Capital Partners ("MCP") and a consortium of investors have agreed, in partnership with co-founder Miles Dewhurst and the management team, to acquire Park Leisure 2000 Limited (“Park Leisure”), the UK’s leading luxury holiday park operator, for a value of £103 million.
CEO and co-founder Gary Molloy will exit from the business at completion to pursue other avenues, which is expected to take place in the first half of this year. Park Leisure’s co-founder, Miles Dewhurst, will become CEO and will be supported by the existing management team as well as MCP, who are all excited to take Park Leisure through its next phase of growth.
Andrew Bracey of MCP and Chairman-designate of Park Leisure, said:
“We have looked at a number of opportunities in the holiday park sector and we consider Park Leisure to be the outstanding operator in the space. The parks and teams in place are of the highest quality and we look forward to providing long-term support to Miles and his management team to grow Park Leisure further. The business has an unparalleled reputation for giving its customers a luxury, five-star experience and there is an exciting opportunity for future growth of the business across the UK.
We are delighted to have been selected by Gary and Miles to invest in Park Leisure for the future. It has been a pleasure dealing with the management team and we wish Gary every success going forward.
This transaction follows our recent acquisition of Dobbies Garden Centres and further demonstrates the strength of our network and operating model, as well as our ability to build close relationships with principals, as we believe partnership is critical in supporting the future growth of a business.”
Gary Molloy, CEO and co-founder of Park Leisure, said:
“After 19 dedicated years I have decided to take a back seat and exit the business over this coming season. The Company started from an office in a bedroom in my house and has steadily grown ever since. Now with 10 parks across the UK and a continued focus on quality, we have built a unique offering for our holiday home owners. We do not know of any other group of parks in the UK that are consistently of the quality we have developed within the Park Leisure brand.
As I leave I’m delighted to know that Park Leisure will not only be in the safe hands of Miles and his team, but will have the stewardship of MCP who clearly know this sector very well - MCP have been a fantastic partner throughout this concentrated process. They have been supportive and diligent, whilst considerate, timely and measured. I have very much enjoyed working with Andrew and the MCP team, and wish them, as well as Miles and the Park Leisure team the very best for the future.”
Miles Dewhurst, CEO-designate of Park Leisure, said:
“As we turn the page on a new chapter with Park Leisure, I’m excited for the opportunity ahead and know that we have the right partners in MCP to deliver a great future for the business. They are providing the capital investment to secure the long-term growth and future of Park Leisure and are committed to further investing in the development of our parks and continuing to further our service and standards. They embrace our principals of ‘excellence as standard’ and we are all thrilled to be working together.”
Andrew Bracey will be joined on the Board of Park Leisure by the other founders of Midlothian Capital Partners, Aidan Clegg and and Neil Currie.
Advisers to MCP include: Rothschild (financial), Slaughter and May (legal), EY (accounting and tax) and Savills (property).
Advisors to Park Leisure include; Squire Patton Boggs (legal), Dow Schofield Watts (financial).
MCP and Management received full financing support from Ares (who were advised by Dechert LLP (legal)).
ENDS
Contact:
James Olley +44 (0)7974 982302
About Midlothian Capital Partners
The three founders of MCP (Andrew Bracey, Aidan Clegg and Neil Currie) have extensive experience in the UK consumer sector. Andrew and Aidan have more than 45 years combined experience in consumer facing businesses in corporate finance, private equity and business management. Neil spent 25 years as a leading equity research analyst specialising in consumer markets globally. Andrew is the Chairman of Dobbies Garden Centres and was also Chief Financial Officer of Ocado.
About Park Leisure
Park Leisure was founded 19 years ago and has grown to 10 holiday home parks across the UK with a turnover of £58 million and 350 staff. It owns and operates holiday home parks throughout the UK in country and coastal locations, with facilities and standards ofservice that are famous for five-star quality. The management team consists ofJo Cowl (CFO), Phill Burton (Sales Director), James Gourlay (Operations Director) and Olly Gardner (Communications and Customer Relations Director). All have been an integral part of this transaction and are looking forward to continuing to deliver excellence to our customers.