Two backers of a £700m deal that brought Butlins holiday camps and Haven caravan parks under new ownership have sold their stakes.
The value of the deal has not been disclosed, although private equity firms Candover and Legal & General Ventures are known to have more than doubled the return on their investment in privately-owned Bourne Leisure.
The pair took a combined 28% stake in caravan park operator Bourne after backing a deal in October 2000 to buy the holidays division of Rank.
In addition to the three Butlins sites and the Haven parks, the deal also brought Warner hotels and resorts and Rank’s Oasis holiday village.
Bourne, which has acquired the 28% holding from the two venture capital companies, is now considered one of the UK’s biggest leisure companies with a turnover in excess of £670m last year.
It is the largest operator of caravan parks in the UK, trading under the Haven and British Holiday brands.
Bourne director John Dunford said: “The integration of Bourne and Rank’s holiday division was a tremendous challenge for the management team.
“The key to its success was the support of our guests and team members, together with Candover and Legal & General Ventures.
The Butlins sites are at Minehead, Skegness and Bognor Regis.
References: EGi News 25/02/04
