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London | September 2016
IInvestment Supports Company's Recapitalization by Shareholders and Management Investors
London - 27 September, 2016 - Praesidian Capital Europe ("Praesidian"), a leading provider of long-term growth capital in the United Kingdom and Northern Europe, announced today its investment of £13 million in Prestige and Homeseeker Park & Leisure Homes (the "Company"), the two leading brands in the UK leisure lodge and park residential manufacturing industry.
Praesidian's investment provides a long-term capital solution that will enable the two businesses to merge formally. The major shareholders and senior managers of both businesses have invested into the new Company, which allows the continued trading of the separate Prestige and Homeseeker brand names.
The UK leisure market has experienced major growth over the past decade with changing consumer trends including an increase in British holidaymakers preferring "staycations" in the UK over foreign travel. This has led to large scale investment projects to upgrade holiday parks to meet the growing demand at the 5,500 leisure parks in the UK.
Meanwhile, the demand for residential park homes has also grown. An aging population and a shortage of housing have contributed to an increase in demand for single-story park home solutions in residential parks.
Silvano Geranio, Shareholder and Founder of Prestige, commented, "Prestige and Homeseeker are long-established and high-quality manufacturers supporting both the growing leisure markets and the supply of suitable homes for the aging population. This investment will help to facilitate and drive our new product development and new market strategy."
Debbie Foulke, Shareholder and Managing Director of the Company, added, "The partnership with Praesidian will allow the two distinct brands to be brought together and will charge the highly experienced management team with capitalizing on the Company's future growth potential."
Anthony Brennan, Partner of Praesidian Capital Europe, commented, "We are excited to support such an established and quality growth business with an experienced management team."
According to Jason Drattell, Founder of Praesidian Capital, "We are pleased to welcome Prestige and Homeseeker to our portfolio of companies, marking Praesidian Capital Europe's ninth investment in the Fund. We believe in the Company's ability to meet and exceed its strategic plan."
About Presitige and Homeseeker Park & Leisure Homes
Prestige and Homeseeker Park & Leisure Homes are leading UK-based manufacturers of high quality park homes and lodges for the residential and leisure market. With origins dating from 1987, the Company currently employs over 400 people at its manufacturing sites in Kettering and Rushden. The Company's customers are residential and leisure site owners across the UK.
For more information, visit www.prestigeparkandleisurehomes.co.uk and www.homeseekerhomes.co.uk
About Praesidian Capital Europe
Praesidian Capital Europe is an innovative private investment firm focused on providing senior and subordinated growth capital to established lower middle market businesses in the United Kingdom, Germany, and selectively in Northern Europe. Established in 2013 and based in London, Praesidian invests in private small and mid-sized companies, often in connection with management buyouts, recapitalizations or refinancings. Praesidian Capital manages nearly $1 billion in committed capital through various funds. For more information, visit www.praesidian.com.
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