11th Nov 2013 13:40
LONDON (Alliance News) - Graphite Enterprise Trust PLC Monday said its has sold its caravan parks group, Park Holidays UK, to Caledonia Investments PLC for GBP172 million.
The investment company said that the disposed business was its fifth largest portfolio investment as at July 31, and represents the sixth successful exit from Graphite Capital's buy-out funds in the last 12 months.
Graphite Capital Partners VI acquired Park Holidays UK in January 2006 in a GBP130 million buy-in/management buy-out.
Investment trust Caledonia Investments said that the acquisition was funded by GBP80 million of its equity and GBP90 million in bank debt. It also said that a GBP10 million acquisition and capital expenditure facility has also been arranged to assist the future expansion of the business.
Graphite Enterprise Trust shares were trading 0.7% higher Monday afternoon at 555.00 pence per share. Shares in Caledonia Investments were down 0.80p at 1,933.20p.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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