Mills & Reeve supports acquisition forming leading operator in growing UK staycation market

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1 min read

Mills & Reeve is working alongside Freshfields Bruckhaus Deringer (Freshfields) to advise CVC Capital Partners VIII, managed by CVC Capital Partners (CVC), on the acquisition of Aria Resorts by leading British holiday park operator, Away Resorts. The deal forms one of the UK's largest holiday resort brands.

It follows CVC Capital Partners VIII , reaching an agreement to acquire Away from Freshstream in June 2021. Mills & Reeve and Freshfields are also advising CVC, one of the world’s leading private equity and investment advisory firms, on this acquisition.

Away currently operates nine parks in prime UK holiday destinations, including Tattershall Lakes in Lincolnshire and Sandy Balls in the New Forest. With Aria, the newly formed group will operate 20 high quality holiday park resorts and an award-winning luxury boutique hotel across attractive coastal and country locations in the UK.

Both operators have experienced unprecedented demand in 2021. Away has seen bookings increase by 41% year-on-year with holiday home sales up 32%. The combined group has plans to continue to develop the existing estate and grow its footprint to enhance its market-leading position.

The team at Mills & Reeve carried out due diligence for both deals and is being led by Joanna Davies, Joanna Jowitt and Vincenzo Maggio.

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