Management buys out European holiday parks

The management of holiday park operator Haven Europe has bought the company from Bourne Leisure Europe for €70 million.

Bourne Leisure Europe has sold holiday park operator Haven Europe to Siblu Holdings Ltd, a UK-based company owned by entrepreneur Leslie Hurst and the company's existing management.
The deal was valued at €70 million. Siblu paid an undisclosed figure for the company's equity, while Rothschild Leveraged Finance provided debt and mezzannine financing to cover the remainder of the transaction. Grant Thornton Corporate Finance advised on due diligence and tax planning.
Haven Europe has two main strands of business. It sells holidays, both on the eight holiday parks it owns in France and on its 22 partner sites in France, Spain and Italy. It also sells mobile homes.
Kate Locke, Siblu's head of marketing and sales, said that the management team felt that Haven Europe's growth potential would be better tapped as an independent company than as part of a larger corporation in which it was not a core interest.
She added that Siblu saw two main areas of potential growth: the underdeveloped French caravan market and the purchase of additional parks.
This is the second deal financed by Rothschild in the last month. In October, they provided senior debt and mezzanine facilities for the £37 million MBO of UK-based card processing services company Cardsave by Royal London Private Equity.