KKR to Buy Dutch Vacation Company Roompot

Non-public equity giant KKR has attained an settlement to acquire the Dutch holiday enterprise Roompot from European non-public equity organization PAI Partners, the businesses said in a statement.

Fiscal terms had been not disclosed, but Reuters, citing a source familiar with the transaction, said Roompot was valued at $one.12 billion.

The enterprise is the second-premier operator of holiday parks in Europe. It straight owns and operates 33 parks in the Netherlands, Germany, and Belgium and has special agreements with extra than 100 3rd-occasion park operators.

PAI reportedly began looking for a purchaser in October of past calendar year. In March, it planned to start a formal sale method but named that off due to the pandemic.

“KKR is investing in Roompot by our Core Investments tactic, which is our pool of cash for for a longer time-term investments, and we seem forward to operating with Jurgen and his crew in excess of the coming a long time,” KKR director Joerg Metzner said. “We have been looking for a platform to devote guiding in the fragmented European holiday parks industry for some time. Our aid for Roompot and its management crew suits completely with our broader expenditure topic in the leisure space.”

Roompot has revenue of virtually €400 million ($448 million) on three million guests and 13 million right away stays per calendar year, according to the businesses, but it has been strike really hard by the COVID-19 pandemic. Moody’s, this week, cut its credit score outlook on the enterprise to “negative,” citing a 50{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} fall in revenue in March, and a 70{79e59ee6e2f5cf570628ed7ac4055bef3419265de010b59461d891d43fac5627} fall in revenue in April, calendar year-in excess of-calendar year.

Moody’s said Roompot has observed a surge in need from domestic clients in the latest months, but the enterprise was susceptible to the hazard of a second wave of infections.

KKR said it would keep on to aid Roompot’s latest management in its further progress into a “leading pan-European operator.”

PAI Partners bought Roompot from Gilde for €600 million ($673 million) in 2016.

Joerg Metzner, kkr, PAI Partners, Roompot