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Candover and LGV exit Bourne Leisure investment

UK-based buy-out groups Candover and Legal and General Ventures have sold their combined 28 per cent stake in Bourne Leisure back to the company to complete their exit from an investment made in 2000. They are reported to have enjoyed a two times multiple on their equity.

The two firms combined in October 2000 to provide the equity funding Bourne required to buy the holidays division of Rank. Since the acquisition, Bourne has implemented a major capital investment programme as well as divesting some peripheral operations.

The firm had a turnover of more than £670m in the year to Dec 31 2003 and is the largest operator of caravan parks in the UK.

Marek Gummieny, managing director of Candover, said: 'The Bourne Leisure management has successfully executed a strategy to focus and consolidate a group of companies into a market-leading business, in a highly competitive holiday market. Bourne Leisure was an attractive proposition for Candover as it included our key criteria of a strong management team, together with a clear business strategy.'

Candover has completed three exits so far this year. It has now realised eight out of the 15 investments made from its 1997 fund.

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