CVC provides debt for holiday home buyout

The firm has provided acquisition finance for the purchase of Willerby, a UK-based mobile and holiday home manufacturer.

CVC Credit Partners has provided financing for the buy-out of UK-based mobile home manufacturer Willerby. The financing is being provided to pan-European private equity firm Equistone Partners Europe for the leveraged buy-out.

Further terms of the deal, including the deal amount, could not be determined by time of publication. It is the first time Equistone and CVC have worked together on a transaction.

Neale Broadhead, managing director at CVC, told PDI the deal was attractive for his firm due to the involvement of Equistone. He added he thought the firms had similar approaches to pan-European investing while noting the two may work together on future transactions.

“They’re pan-European, they’re on the ground, we’re on the ground,” he said. “It works well for us for this deal and future transactions.”

Broadhead declined to mention terms of the loan or the deal amount. He noted CVC pursues deals between €10 million and €100 million, with the goal of having a broad portfolio. “Our focus is for our funds to have a wide dispersion and not over concentrate the funds on any single borrower,” he said.

Willerby was an attractive company to invest in due to its position in the market, Broadhead noted. The firm has twice the manufacturing output of its nearest competitor, he added.