Bregal Freshstream Acquires Away Resorts

May 23, 2019

Willkie represented Bregal Freshstream in its acquisition of the UK holiday park operator.

On May 23, it was announced that Willkie client Bregal Freshstream is acquiring holiday park operator Away Resorts from LDC, the private equity arm of Lloyds Banking Group. LDC will retain a minority shareholding as part of the deal.

Founded 10 years ago by leisure entrepreneur Carl Castledine, Away Resorts now operates six leading resorts in prime UK destinations, including Tattershall Lakes in Lincolnshire and Whitecliff Bay on the Isle of Wight, hosting almost 200,000 travelers each year.

LDC invested in Away Resorts in 2015 to support the management team’s expansion plans and the development of its existing sites. Over the past four years, the business has invested more than £45million in existing sites, adding state-of-the-art entertainment complexes, new pitches and facilities. Following the transaction, with the backing of Bregal Freshstream and its other shareholders, Away Resorts is planning a further £25million of investment across the portfolio in the coming years.

Based in London, Bregal Freshstream is an investment firm investing in growing businesses in Western Europe, with a particular focus on the UK and Benelux markets. Away Resorts is the tenth investment by Bregal Freshstream since the launch of its maiden €600million fund in 2015, and joins its other UK investments in handbag retailer Radley, specialist contractors Taziker Industrial and M&J Evans and retail pharmacy chain Juno Health. Willkie previously represented Bregal Freshstream in its investment in Dutch oilfield services company Verwater and acquisitions of handbag maker Radley and Belgian self-service restaurant chain Lunch Garden.

The Willkie deal team was led by partner Claire McDaid and UK partner Philip Coletto. Finance partner Mark Fine led on the finance aspects.