Upmarket UK holiday park operator Park Leisure is being sold for £103 million.
Private equity firm Midlothian Capital Partners is leading a consortium to acquire the business founded by Gary Molloy and Miles Dewhurst.
Park Leisure runs ten sites from Cornwall to Wales, Yorkshire and Northumberland with static luxury homes available for sale only.
Owners can buy a two or three-bedroom holiday home and gain access to a park with clubhouse facilities, as well as leisure amenities such as tennis courts, pools and spas.
In addition to the cost of the accommodation, homeowners pay an annual rental or licence fee that averages about £2,500. Last year the group had a turnover of £55 million.
Andrew Bracey, from Midlothian Capital, chairman-designate of Park Leisure, told The Times it was an “outstanding operator” providing the highest-quality homes.
Molloy, outgoing chief executive of Park Leisure, will retire. Dewhurst, who has been appointed chief executive, and other management with shares in Park Leisure have reinvested and will continue to run the business while retaining a 20% stake.
The deal follows Midlothian Capital buying Dobbies Garden Centres last summer from Tesco for £217 million.
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