Wyndham Worldwide’s Exchange & Rentals business
unit has agreed to acquire Hoseasons Holdings Ltd, one of the UK’s
most renowned holiday brands, from HgCapital and a number of
individual parties.
The acquisition price is approximately $60
million, net of estimated cash acquired. The transaction is
subject to the consent of the Financial Services Authority,
which the companies hope to obtain before the end of the first
quarter. Wyndham Worldwide expects this acquisition to be
accretive in 2011.
Hoseasons, with a proud and
distinguished 65-year heritage, is one of the best-known brand
names in UK tourism. The company provides a wide range of holiday
offerings in over 15,000 lodges, cottages, villas, caravans and
boats across seven European countries.
Wyndham’s European
rentals business is a provider in exclusive marketing of
independent holiday accommodation across the continent and has
many of Europe’s best-known holiday brands including English
Country Cottages, Scottish Country Cottages, cottages4you, Welcome
Cottages, Chez Nous and Canvas Holidays in the UK, and Landal
GreenParks, Novasol, Dansommer and Cuendet across Northern,
Central and Southern Europe. These iconic brands have a combined
portfolio of over 60,000 holiday properties located in over 20
European countries.
“The purchase of Hoseasons is a great
example of how we are deploying a portion of our free cash flow to
supplement organic growth with opportunistic acquisitions” said
Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “Hoseasons
offers a strong strategic fit with our European rentals business
and an attractively-priced opportunity to continue to grow our
fee-for-service businesses.”
Ian Ailles,
Managing Director, European Rentals, Wyndham Exchange & Rentals
said, “The addition of Hoseasons to our existing portfolio of
independent holiday accommodation brands means we can offer
customers the complete range of holiday experiences in Europe. The
addition of the UK holiday parks completes our suite of holiday
offerings; from caravans to castles, we now have it all!”
Wyndham Worldwide retained Credit Suisse Securities (USA) LLC as
financial advisor and Kirkland & Ellis LLP for corporate legal
services related to this transaction.
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