Onex to Buy U.K. Holiday Park Company for 1.35 Billion Poundsby
Parkdean Resorts purchase expected to be completed early 2017
Two of Onex’s funds commit to $750 million equity investment
Onex Corp., Canada’s largest buyout firm, agreed to acquire Parkdean Resorts for 1.35 billion pounds ($1.69 billion) in a deal the buyer expects to be completed in the first quarter of next year.
The purchase of Parkdean Resorts, a U.K. caravan holiday park operator, is subject to conditions and regulatory approvals, Onex said in an e-mailed statement. Two of Onex’s funds are committing to an equity investment of about $750 million.
Onex was up against Advent and Centerbridge for the purchase of Parkdean, The Sunday Times reported last month. Parkdean owns and operates 73 caravan holiday parks across England, Scotland and Wales, Onex said in the statement.
In November, the company announced a loss per share of $1.33 for the third quarter of 2016.