White Ocean Leisure (“White Ocean”), a new company, is pleased to announce it has exchanged contracts for the acquisition of South Lakeland Group Ltd (“South Lakeland”), from LGV Capital (“LGV”) for £125 million.

South Lakeland operates 9 high quality, well situated holiday parks in the Lake District and Morecambe Bay.

The existing management team will continue to run the business and now have, with White Ocean’s support, the opportunity to grow the business organically and through strategic acquisition should attractive opportunities arise.

McQueen acted as financial adviser to White Ocean.

Bruce Casely, Director of White Ocean said:

“The holiday park market has extremely attractive characteristics and South Lakeland is a well established, high quality business with a respected management team. We have watched this industry for sometime and look forward to building further from this solid platform”

Graham Hodgson Chief Executive of South Lakeland commented:

“Of the potential purchasers of our business White Ocean was our preferred option. They have been known to us for a while, want to grow and invest in our business and further develop our horizons. Together we have a well developed plan that will provide opportunity for all stakeholders in South Lakeland, but particularly will embody the talent and culture that exists in the business.”

Bill Priestley, Managing Director of LGV commented:

“South Lakeland has been an excellent investment.  LGV has a strong track record investing in high quality asset-backed leisure businesses with first class management teams and South Lakeland has been no exception.”

Enquiries:

McQueen                                
George Fleet
020 7484 8800