Electra Private Equity completes Park Resorts merger

(ShareCast News) - Investment trust Electra Private Equity has completed the merger of Parkdean Holidays and Park Resorts Group.The latter comprises Electra's portfolio companies Park Resorts, South Lakeland Parks and Southview and Manor Park and the FTSE 250 group said the merger will combine two portfolios of holiday parks totalling 73 sites, giving the enlarged company a value of £960m.The combined company will have earnings before interest, tax, depreciation and amortisation of more than £100m.Electra said it has received cash proceeds of £95m on completion, which will take the total proceeds to £109m, representing 82% of the original investment costs. The group holds a 45% stake in the combined group and loan notes of £196m."We will now focus on further organic and investment-led growth as well as capturing synergies created by the combination of two highly complementary estates," said group investment partner Alex Fortescue.Electra shares were down 0.06% to 3,617.00p at 1105 GMT on Wednesday.