Lakeshore Leisure Group acquired by Capfun UK

UK: British leisure brand Lakeshore Leisure Group has been sold by London-based private equity firm Kings Park Capital to a new UK subsidiary of Capfun, a French-headquartered, pan-European campsite and holiday park operator.

Lakeshore Leisure Group was founded three years ago when CEO Stephen Twiss partnered with Kings Park Capital to acquire “under-invested and under-managed” holiday parks across the UK, and drive performance improvement through targeted capital investment, product innovation and application of operational excellence.

The sites at Otter Falls and Clawford Lakes in Devon were purchased at the same time, followed by Lakeview Manor in early 2020 and Clovelly Falls earlier this year [all located in the same county].

Despite the Covid-19 pandemic, Kings Park Capital had continued to invest heavily in the development of further holiday lodge pitches across the parks in its portfolio and the refurbishment of the hotel and central facilities at Lakeview Manor, which helped the company to grow its revenues at a CAGR of 51 per cent and its EBITDA at a CAGR of 77 per cent.

Kings Park Capital had previously invested in the domestic holiday parks sector when forming Bridge Leisure Parks in 2010, before selling the business to Phoenix Equity Partners in 2015. Since then, Bridge Leisure Parks has rebranded as Bridge Leisure and was sold to Park Holidays UK in April 2021, while Park Holidays UK was then bought out by US-based real estate investment trust [REIT] Sun Communities for £950 million in April of this year.

Lakeshore Leisure Group CEO Stephen Twiss said: “In a relatively short period of time, we have as a team been able to establish an innovative and enviable brand in the UK holiday market that truly provides a unique experience for the guest; our ability to achieve this was in many ways facilitated by the team at Kings Park Capital, who wholeheartedly supported the vision and backed myself and the team to deliver it.”

Artjom Dashko, partner at KPC, said: “LLG’s performance is a testament to the quality of its management and its differentiated holiday offering. With proven organic growth opportunities and the ability to transform existing and greenfield sites, the business
represents an excellent platform for developing a leading player in the domestic holiday market, and we are proud to have played a role in launching the business alongside Stephen Twiss.”

The new custodian, Capfun, is a French family-run company that owns more than 175 parks and resorts in five countries, including in France, the UK, Belgium, Spain and the Netherlands.

For the sale, the Kings Park Capital shareholders were advised by KPMG Corporate Finance and Burness Paull, and the management team were advised by Wyvern Partners.