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ABN AMRO Capital in deals with CBPE for Park Resorts

ABN AMRO Capital and their portfolio firm GB Holiday Parks announce the acquisition of Park Resorts from Close Brothers Private Equity for £165 million. ABN AMRO Capital already has a majority stake in GB Holiday Parks, following its acquisition in November 2004.

The firm said this is the first step of its planned buy and build strategy. Following this acquisition, the two businesses will be merged, creating the second largest holiday caravan park business in the United Kingdom.

Park Resorts is one of the UK's leading caravan park operators with 16 parks and 8,500 pitches, situated in coastal areas across England and Wales.

ABN AMRO Capital will own 68% of the combined business, with the balance owned by management and Close Brothers Private Equity. Park Resorts' management team, led by Chief Executive David Vaughan, who will run the combined entity, will reinvest part of the value of its sale proceeds.

Ian Taylor, UK Head of ABN AMRO Capital, said: "We acquired GB Holiday Parks earlier this year with the stated intention of growing by acquisition. The purchase of Park Resorts delivers on the first stage of our plan and by merging these complementary businesses we have created a significant player in the caravanning sector."

This was the thirteenth buy-out announced by ABN AMRO Capital in Europe in 2004 and the fifth in the UK. ABN AMRO Capital's other deals in the UK last year were the £105 million buyout of GB Holidays Parks, the £29 million buy-out of Celotex, the £122.5 million buy-out of Ethel Austin and the £61 million buy-out of Dennis Eagle.

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