Hoseasons



Investment Date:September 1999Exit Date:June 2003
Investment Type:Buyout from founding familyExit Type:Secondary
Sector:Self catering holidays/ ConsumerEnterprise Value:£40m


 

 

Business Description
  • Hoseasons is the UK’s leading self-catering holiday specialist having been established as a family business in 1947. The business acts as a multi channel bookings agent to the owners of self catering holiday products (holiday homes and parks, cottages and boats)
Investment Rationale
  • This was a well recognised but under-exploited brand with the potential for greater UK penetration and improved operational efficiency
  • Potential to grow the product offering by focussing on the emerging cottage agency business and realigning marketing spend across the group

Strategy/Value Creation
  • Introduced a Chairman with substantial industry experience and contacts in European self catering and leisure market
  • Strategic development included the disposal of the loss making All Canada business in 2001 and the acquisition of Dales Holiday Cottages in 2002
  • Transactional website developed and internet marketing strategy established

Performance
  • Over the four years of the investment earnings more than doubled. The cottage programme grew from 847 units in 1999 to 1,351 units for the 2003 programme
  • Sold to Hg Capital in June 2003 for £40m representing a return of 4.3x cost and a 47% IRR

 


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quote ECI were very good at taking the management team along with them through the process and getting us to understand how it was going to work. There has to be a fit with the private equity firm and as a long established family company we had a good fit with ECI"

Ken Gaylard, CEO of Hoseasons

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