Broadland Sands and Suffolk Sands holiday park owner sold to Intermediate Capital Group in £362m
- Credit: Archant
A holiday park group which owns sites including Suffolk Sands, Broadland Sands and Felixstowe Beach has been bought in a £362m deal.
Private equity firm Caledonia Investments has sold caravan park operator Park Holidays to Intermediate Capital Group (ICG).
The business is Britain's fourth largest caravan operator and is set to see earnings of £36.5m this year.
The price tag represents a significant increase on the £172m that Caledonia paid for the firm in 2013.
The sale process was put on ice following the EU referendum result, but the rise in staycations following the collapse in the value of the pound has meant that caravan operators have become highly sought-after assets.
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Over the weekend, the country's biggest operator, Parkdean Resorts, was sold by Epiris to Toronto-based Onex Corporation for £1.35bn.
Duncan Johnson, Caledonia's head of unquoted investments, said: 'Caledonia's unquoted strategy is to invest in leading businesses which combine an ability to grow profits whilst also paying a healthy annual cash return to shareholders. Park Holidays has delivered in every respect.'
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ICG will retain Park Holidays' current management team, including chief executive Jeff Sills.
According to data from VisitEngland, £1.9bn was spent on holiday parks and caravan trips in 2015.
The deal was announced just days after rival Parkdean Resorts revealed it was to be bought by Canadian firm Onex Corporation for £1.35bn.