Pevensey Bay Holiday Park (Martello Beach) is soon to become part of the American company ‘Sun Communities.’
Sun Communities has entered the UK market with the £950m acquisition of one of the country’s largest owners and operators of holiday communities.
Park Holidays UK oversees about 40 sites from Cornwall to Suffolk, and Yorkshire to Scotland.
It primarily rents sites for owner-occupied vacation homes on annual contracts, as well as sells vacation homes to new customers.
The deal represents a natural extension of Sun’s existing businesses and portfolio, and also diversifies its geographic presence.
Jeff Sills, Park Holidays chief executive, said: “Joining Sun is an exciting new chapter for Park Holidays as we seek to continue to execute on a well-established and proven strategy to drive organic and inorganic growth.
“Our companies have a lot in common as we both strive to achieve the best experience for our customers and colleagues, and we are excited by the opportunity to work and collaborate with the Sun team.
“By joining Sun, we plan to continue to consolidate a fragmented industry and provide the Park Holidays experience to an expanding customer base.”
Gary A. Shiffman, Sun Communities chairman and chief executive, added: “We are incredibly excited to expand Sun’s footprint into the UK by acquiring Park Holidays, which allows us to leverage our land lease community expertise in a growing market.
“This transaction provides Sun with immediate scale in the UK as well as a platform for future growth in a fragmented landscape.”
The transaction is subject to a required regulatory approval, and is expected to close in the first quarter of 2022.
Citigroup and Lazard are acting as financial advisers to Sun Communities, while Jaffe, Raitt, Heuer & Weiss, Professional Corporation and Jones Day are acting as legal advisers.
HSBC and RBC Capital Markets acted as joint financial advisers to Park Holidays and Proskauer Rose (UK) LLP acted as legal adviser.