The UK PwC Retail, Consumer and Leisure and Midlands Corporate Finance teams are pleased to announce the sale of a controlling stake of Forest Holidays Group Limited (“Forest Holidays”) to Phoenix Equity Partners (“Phoenix”), alongside existing shareholders, The Forestry Commission and Lloyds Development Capital (“LDC”). PwC Corporate Finance acted as lead financial advisor to Forest Holidays. PwC Transaction Services also provided sell side Financial and Commercial VDD services to Forest Holidays.
Forest Holidays owns and operates 571 secluded eco-cabins and treehouses on nine sites across Britain’s National Forests. Its purpose is to create positive experiences in Britain’s forests; connecting people, nature and local communities. The business has a unique, long-term, strategic partnership with the Forestry Commission under which the Company has exclusive rights to its estate, who will continue to be a key long term partner and shareholder.
Bruce McKendrick, CEO, commented “I am delighted to welcome Phoenix to the team at Forest Holidays, and I am looking forward to working with them. The PwC team has been fantastic to work with throughout this process of finding a new investment partner; they understood us and our business well, and brought a great combination of sector insight and transaction expertise”.
Commenting on the sale to Phoenix, Rick Jones, PwC Corporate Finance Partner noted, “Forest Holidays is a unique and successful business. It has been a pleasure working with Bruce and the team to secure this investment from Phoenix. The vision and cultural fit between the two organisations is strong, and we wish them every future success. This transaction has demonstrated the successful collaboration between sector and regional teams in PwC”.
The Corporate Finance team was led by Rick Jones and Matt Waddell, with support from Ian Birch, James Stevens, James Lander and Tina Zhao.