The US-based private equity giant Apollo Global Management is plotting a £2bn takeover of Parkdean Resorts as it seeks a slice of Britain’s staycations boom.
Sky News has learnt that Apollo is among the bidders picked by Parkdean’s owners to progress to the next phase of a sale process.
City sources said on Tuesday that Bourne Leisure Group, the owner of Butlin’s and Haven Holidays, had been eliminated from the auction in recent days.
Parkdean is owned by Canada’s Onex Corporation, which bought the company in 2016 for £1.3bn.
Image: There is strong demand for domestic holidays as COVID restrictions linger at many overseas destinationsThe auction, which is being handled by Morgan Stanley, comes amid a blizzard of deals in the sector.
AdvertisementDuring the last six months, Park Holidays has been bought by Sun Communities of the US for nearly £1bn, while CVC Capital Partners snapped up rival Away Resorts.
Sun Communities also bought Park Leisure, a smaller operator, in a deal worth about £180m, while Butlin’s is now also on the market.
More from BusinessLast week, Forest Holidays, which manages a number of lodges around the country, was sold in a deal that netted a windfall for the Treasury.
It was unclear on Tuesday which other parties had been shortlisted to buy Parkdean, although CVC is understood not to have tabled an offer.
If Apollo does buy the company, it would unite the New York-based investment giant with Steve Richards, Parkdean’s chief executive.
Mr Richards previously ran Casual Dining Group, the owner of Bella Italia and Cafe Rouge, during its ownership by Apollo.
Both Apollo and Parkdean declined to comment.