Osborne Clarke lawyers have advised the management team of leading British holiday park operator Away Resorts in relation to an investment from CVC Capital Partners.
CVC Capital Partners Fund VIII has reached the agreement to acquire a majority stake in Away Resorts from Freshstream. Freshstream invested in Away Resorts in August 2019, acquiring a controlling majority shareholding, with LDC retaining a significant minority stake.
Founded in 2008, 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. 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.
The Osborne Clarke team which advised the Away Resorts management included private equity Partner Tim Hewens and private equity senior associate Leanne Maund.
Carl Castledine, CEO of Away Resorts, commented: “We’re really excited to be partnering with CVC to drive the next phase of Away Resorts’ growth. Their experience in helping companies scale and expand their operational and digital footprint will be invaluable as we take our growth to the next level. Freshstream has been the perfect partner for us over the past two years, providing capital to expand and operational and strategic advice to help us scale the business. We are very grateful to have had Freshstream on board and have appreciated all the support they’ve given us.”
Osborne Clarke’s Management Advisory Group is a go-to practice for the management teams of businesses engaging in private equity transactions. One of only a handful of City firms with a team specifically focussed on supporting management teams through the complexities of completing a private equity transaction, the Management Advisory Group brings together the deal experience of our Private Equity team, with the support and skills of specialist tax, employment, incentives, tax and private client lawyers.