Canadian private equity house Onex has purchased Britain’s largest holiday parks business Parkdean Resorts, citing increased demand for UK-based holidays after the sterling’s fall and Parkdean’s loyal customer base. Parkdean was reportedly weighing up a potential listing on the London Stock Exchange before deciding to proceed with the sale to Onex, offering up yet another sign of a tough year for London's IPO market. According to research from Baker McKenzie, IPO activity in the United Kingdom has slumped 60 per cent over the course of 2016. 

Latham & Watkins advised the acquirer Onex, while Clifford Chance advised the owner Electra (recently renamed Epiris) on the acquisition of Parkdean Resorts. Electra is a long-standing client of Clifford Chance. The team was headed by partner Melissa Fogarty who previously advised on Electra’s refinancing and disposal of Capital Safety to KKR. Onex chose to work with Latham & Watkins, who previously advised Onex on its purchase of Survitec Group. 

Sources: Telegraph; Legal Business; CityAM