Clearwater International advises on the acquisition of Away Resorts
Clearwater International’s UK debt advisory team provided buy-side support to Bregal Freshstream (Freshstream), an investment firm which focuses on the UK and Benelux markets, for the acquisition of a majority stake in Away Resorts, a fast growing UK holiday park owner and operator, from LDC.
Founded 10 years ago by leisure entrepreneur Carl Castledine, Away Resorts now operates six leading holiday parks in prime UK destinations, including Tattershall Lakes in Lincolnshire, Sandy Balls in the New Forest and Whitecliff Bay on the Isle of Wight, hosting almost 200,000 holiday-makers each year. Over the past four years, the business has invested more than €50m in existing sites, adding state-of-the-art entertainment complexes, new pitches and facilities. Revenue has increased to €70m in 2018 and employee numbers have grown from 450 to 950.
The deal will add to Freshstream’s existing business portfolio, which includes consumer brands Radley London and Lunch Garden restaurant.
Clearwater advised Freshstream on securing a flexible debt package from Permira and NatWest to support the investment plus future capex and acquisition strategy.
This transaction follows previous advice provided by Clearwater International to Away Resorts, having advised on the secondary buy-out by LDC in 2015, a refinancing to support the acquisition of Sandy Balls in 2017 and a further refinance later that year.