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Exclusive: Freshstream seals roughly 4x return selling Away Resorts to buyout giant CVC Capital

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CVC Capital Partners is banking on increased demand for UK ‘staycations’ with a buyout of holiday park business Away Resorts that AltAssets understands values the business at about £250m.

Interest in domestic holidays rather than foreign getaways has unsurprisingly boomed amid the Covid-19 crisis, with lockdown rules and uncertainty preventing many from travelling abroad.

The deal marks a quick and successful exit for UK private equity house Freshstream, which picked up a majority stake in the business from LDC less than two years ago.

AltAssets understands the sale will score Freshstream a roughly 4x return on its investment.

Away Resorts operates nine parks and welcomes almost 200,000 holiday-makers each year.

Freshstream said the outlook for Away Resorts continues to be strong, with record demand set for H2 2021.

CVC managing director David Wells said, “We have been hugely impressed by the success of Away Resorts’ differentiated, family-oriented holiday park proposition.

“The business is well positioned in a fragmented and growing market that benefits from strong consumer tailwinds.”

The sale is Freshstream’s second full exit from its €600m debut fund.

The firm rebranded from Bregal Freshstream last year after Bregal Investments ceased its role as its sole investor, with the firm maintaining management of portfolio businesses invested in through Fund I.

Copyright © 2021 AltAssets

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/exclusive-freshstream-seals-roughly-4x-return-selling-away-resorts-to-buyout-giant-cvc-capital.html

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