Leisure firms merge in multi-million pound funding dealOct 06, 2016
Rushden-based Prestige Park & Leisure Homes Ltd and Homeseeker Park & Leisure Homes have formally merged as part of a multi-million refinancing deal.
The restructure has seen the major shareholders and management teams invest in the new business with a £13 million funding injection provided by Praesidian Capital to support growth plans in the rapidly expanding UK leisure market. The merged companies will continue to trade under their separate Prestige and Homeseeker brand names.
Advisers at Grant Thornton’s Northampton office worked with the shareholders to provide expert corporate finance and tax advice as the deal progressed.
Grant Thornton advisory director Tim Blois (pictured) said: “The transaction is the culmination of a long working relationship between the shareholders and Grant Thornton. We are delighted to have secured this strategic deal which delivers a successful outcome for all parties and allows the business to capitalise on its future growth potential.”
The UK leisure market has experienced major growth over the past decade with changing consumer trends, including an increase in ‘staycations’ which has led to large-scale investments in holiday parks to meet demand. An ageing population and housing shortage has also increased demand for single-storey homes on residential parks.
Grant Thornton partner Darren Bear said: “This deal highlights the continued strength in the region’s M&A market. With a strong pipeline of deals, we are optimistic that the final quarter of 2016 will prove another strong period for M&A activity across all markets.”