PCS3 acts as sole lender in the refinancing of Away Resorts11 January 2017
Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, today announces that PDM funds are acting as sole lender in the refinancing of Away Resorts’ existing debt. PDM’s support will also enable Away Resorts to acquire its sixth park, Sandy Balls, based in the New Forest.
The acquisition of Sandy Balls continues Away Resorts’ expansion and proves its ability to acquire high quality assets. In addition to the refinancing, PDM funds have also provided a flexible capex facility to enable Away Resorts to continue improving and expanding the range of facilities and accommodation provided across its six resorts.
Dan Hatcher, Investment Director at Permira Debt Managers commented: “A combination of proven robust demand for UK based vacations and significant freehold assets makes the holiday park sector an attractive one. LDC and the management team at Away Resorts are the leading operators in the holiday park space. We have a strong relationship with LDC and look forward to working with them and the Away Resorts team to enable the business to exploit the growth opportunities available.”