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UK caravan operator bought out

The private-equity firm GI partners is holding talks to buy one of the UK’s biggest caravan parks operators, Park Resorts.

The deal is expected to be pitched at around £500 million

GI partners, which bought the bar chain Yates’ in 2004, is said to have been interested in the caravan chain for a while.

The group is looking to buy the business from its majority shareholder ABN Amro Capital.

ABN bought its share in Park Resorts in November 2004 for £165 million.

Another significant shareholder in the caravan chain, which makes overall annual profits of around £30 million, is Close Brothers Private Equity.

Said to have been increasingly interested in the leisure sector, GI, which has offices in California and London, took Yates off the stock market in 2004 before selling it less than a year later to Laurel Pub Company.

Park Resorts runs 35 self-catering holiday parks at coastal locations around the UK.

Resorts are found in the regions such as Devon, the Isle of Wight, Kent and Sussex, East Anglia, Yorkshire, Scotland and Wales.