Onex Corp to buy Britain's biggest holidaypark operator Parkdean Resorts for £1.35 bn

Canadian private equity firm Onex Corp yesterday struck a deal to buy Britain's biggest holidaypark operator Parkdean Resorts for £1.35 billion (C$2.25 billion).

Established in 1999, Parkdean Resorts operates 73 caravan holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year.

Parkdean Resorts owners, private equity firms Electra and Alchemy Partners formed the caravan giant by merging Parkdean Holidays with Park Resorts last year in a £960 million deal.

The Hemel Hempstead and Newcastle-based company, which employs over 6,000 staff during the peak holiday season, offers a wide range of accommodation, from caravans and camping pitches to chalets, apartments and lodges.

It had 2015 revenues of £401 million.

"Parkdean Resorts has built the market-leading affordable holiday park business in the UK, with a strong base of loyal customers in an attractive segment of the domestic holiday market," said Tony Morgan, a managing director with Onex.

"This is an exciting opportunity for Parkdean Resorts," said John Waterworth, CEO of Parkdean Resorts. "We look forward to working with Onex to further enhance our parks and leisure facilities during our next phase of growth."