Platinum Equity portfolio company divests standalone parks unit, will continue to invest in growing core vacation rentals business
LONDON – 17 JUNE 2021 – Awaze, Europe’s leading managed vacation rentals group, announced today the signing of a definitive agreement to sell its Landal GreenParks unit to Roompot.
Landal GreenParks is a fully integrated holiday parks owner, operator and exclusive franchisor in continental Europe, with a portfolio that includes approximately 100 holiday parks in Belgium, Denmark, Germany, Great-Britain, Hungary, the Netherlands, Austria, Czech Republic and Switzerland. Roompot's portfolio currently consists of over 200 parks and holiday locations in Central and Southern Europe, namely in Belgium, Germany, France, the Netherlands and Spain.
Financial terms of the proposed sale were not disclosed. Closing of the transaction is subject to customary closing conditions, including competition clearance and advice of the works councils.
Awaze is a portfolio company of Platinum Equity, which acquired the business in 2018. Roompot is a portfolio company of KKR.
Awaze’s managed vacation rentals business, which includes the cottages.com, Hoseasons, James Villa Holidays and Novasol brands, is not involved in the sale and will remain part of Platinum Equity’s portfolio.
Henrik Kjellberg, CEO of Awaze, said: “Dirk Anbeek and the entire Landal team have done an outstanding job taking what was a good business and turned it into a great business. This transaction provides Landal the right home for the future where they can continue to build an amazing experience for guests for the long term. At Awaze, we will continue building out Europe’s leading vacation rental management company, investing in our technology platform and upgrading the experience for our owners and guests. We have tremendous momentum, driven by unprecedented demand for rental properties across Europe. We are managing more vacation homes and delivering more stays than ever before.”
Dirk Anbeek, CEO of Landal GreenParks, says: “I am very proud of how we have been able to strengthen Landal in the past three years as the business has distinguished itself in sustainability and guest service and has seen strong commercial growth. We have also accelerated international expansion with high-quality destinations. I thank Platinum and everyone working at Landal GreenParks and Awaze for their tremendous efforts over the past years, and what has been achieved.”
Louis Samson, a partner at Platinum Equity who oversees the firm’s European operations, said: “As a standalone operation in the Awaze portfolio, we anticipate divesting Landal will be a straightforward process. I’m confident Roompot is the right partner for Landal going forward and I’m pleased we found a solution that creates value for everyone involved.”
Malik Vorderwuelbecke, Managing Director at Platinum Equity, said: ”The managed properties category remains highly fragmented and there are significant opportunities to continue expanding the Awaze portfolio through targeted M&A in key geographies. The business has a lot of runway for continued growth.”
In May, Awaze announced three new acquisitions: Amberley House and Portscatho Holidays in the U.K. and Bornholmtours in Denmark, which added a total of approximately 1,000 homes to Awaze’s existing portfolio.
Following the Landal GreenParks divestiture, Awaze’s managed vacation rentals business will have 90,000 accommodation choices in 29 countries serving more than 6 million holiday makers every year.
Rothschild & Co. is serving as financial advisor to Awaze on the sale of Landal GreenParks. Latham & Watkins is serving as legal counsel to Awaze on the transaction.