June 16, 2021
Willkie’s London office recently advised Freshstream on its sale of leading UK holiday resort business Away Resorts to CVC Capital Partners.
On June 14, Willkie client Freshstream announced it signed an agreement for the sale of Away Resorts to private equity firm CVC Capital Partners. The acquisition is expected to close later this year, subject to regulatory approvals.
Founded in 2008 by leisure entrepreneur Carl Castledine, Away Resorts operates nine parks in prime UK holiday destinations, including Tattershall Lakes in Lincolnshire and Sandy Balls in the New Forest, welcoming almost 200,000 holiday-makers each year. Freshstream invested in Away Resorts in August 2019, acquiring a controlling majority shareholding, with LDC retaining a significant minority stake. Together they have supported Mr. Castledine and the team to become a leading operator with a broad portfolio of well-invested, market-leading UK holiday parks. Over this period, the business has enjoyed strong organic growth alongside a successful buy-and-build strategy. The business recently expanded through the acquisition of popular Cornwall holiday park St Ives Bay, and over the past few years has invested heavily into its existing estate, to expand parks and add state-of-the-art facilities and entertainment complexes.
Freshstream is an investment firm investing in growing businesses in Western Europe, with a particular focus on the UK and Benelux markets. This is Freshstream’s second full exit and fourth significant liquidity event in Fund 1 since making its first investment in 2016. Willkie represented Freshstream in its acquisition of Away Resorts in 2019, its investment in Dutch oilfield services company Verwater, and its acquisitions of handbag maker Radley and Belgian self-service restaurant chain Lunch Garden.
The Willkie team on the current transaction was led by partners Claire McDaid and Philip Coletto and included partners Henrietta de Salis, Jane Scobie and Ashley Young.
