We are delighted to be partnering with KPC to create a base for further growth.
Bridge Leisure Parks ("BLP" or the "Company") has acquired Sand Le Mere Caravan Park Limited ("Sand Le Mere") and Trevella Caravan Company Limited ("Trevella") in a deal valued at £15m. BLP was backed by Kings Park Capital ("KPC"), a leisure focused private equity fund. Debt funding for the transaction was provided by Yorkshire Bank.
Sand Le Mere is a freehold holiday caravan park and leisure complex located on the East coast of Yorkshire, currently occupying 39 acres with over 80 acres of additional development land, and Trevella is a holiday park occupying 45 acres in Cornwall.
UK domestic holiday trips totalled 84 million in 2009, representing over £15 billion of spending. The number of holiday trips was 12% higher than the previous year, demonstrating the domestic holiday industry's resilience in spite of the current economic climate. The industry is forecast to continue to grow in real terms, reflecting the continued attractiveness of domestic holidays and growing popularity of "staycations".
The Company intends to exploit these trends by growing its portfolio of businesses within the holiday caravan park sector.
Andrew Howe, Chief Executive of BLP commented:
“We have been looking for the right parks to acquire for some time and are delighted to have found both Sand le Mere and Trevella; both provide excellent development opportunities for us and will be a good base from which to grow”.
Michael East, Chairman of BLP, commented:
"The UK domestic holiday market has been one of the strongest performers in recent years, and this has been particularly evident in the caravan park sector. We are delighted to be partnering with KPC to create a base for further growth."
Jason Katz, of KPC, commented:
"We are delighted to be working with the BLP team and look forward to supporting the future growth of the business."