Livingstone today announced the acquisition of the Generations Group Limited, parent company of Weststar Holidays Limited (‘Weststar’), the high quality West-Country holiday park operator, in a deal backed by Phoenix Equity Partners (‘Phoenix’), one of the UK’s leading mid-market private equity firms.
Weststar owns four-star family-oriented freehold holiday parks, comprising caravan holiday homes, lodges, bungalows, caravan and camping pitches, totalling more than 1,000 letting pitches on sites at Mullion and Looe in Cornwall and Sandford in Dorset. The business is highly profitable, generating £11.7 million in
revenues in the year ended 31 December 2004 and producing strong and stable cash flow, as well as having excellent asset
Livingstone director Jonathan Seal comments: “The UK’s caravan park sector has already seen some consolidation at the top end of the market with the Park Resorts/GB Holidays deal last year. However the market remains highly fragmented and ripe for further consolidation.”
Deborah Meaden and the existing management team will remain with the business. Ms Meaden will remain as a significant minority investor in the business and will work with Phoenix in developing the existing sites and in finding suitable acquisition opportunities, through her extensive contacts in the sector.
Livingstone partner Simon Cope-Thompson adds: “We are delighted to have advised Phoenix on their investment in Weststar, which is undoubtedly one of the best-run independent players in the market.”
Sandy Muirhead, Managing Partner of Phoenix adds: “We are delighted that we have achieved the successful completion of another transaction in which Livingstone’s corporate finance team
has also been involved. We are also very pleased with the support and advice we have received on this transaction from Simon Cope-Thompson and Jonathan Seal.”
Simon Cope-Thompson, Partner
Tel: 020 7484 4706
Jonathan Seal, Director
Tel: 020 7484 4713