Holidaybreak acquires PGL in £100m deal
UK schools adventure operator PGL is being bought by Holidaybreak in a deal worth up to £100 million.
PGL is market leader in the outdoor education and adventure sector for UK schools handling holidays for more than 250,000 children a year and will become Holidaybreak’s fourth operating division – education.
PGL operates 26 activity centres across the UK, France and Spain with a capacity of 7,100 beds. It owns 13 of the 17 UK sites and seven of the eight sites in France, with the remainder rented. The property portfolio is valued at around £93 million.
Ross-on-Wye-based PGL employs up to 2,000 staff during the course of the year including 150 at head office.
The acquisition is worth £50 million plus refinancing £50 million of PGL debt. PGL had revenues of £50.6 Million in the year to February 22 with EBITDA of £8.4 million.
Holidaybreak said the purchase offered opportunities for growth organically and by acquisition in the UK and Europe in what is a fragmented sector.
“PGL’s market position is founded on its understanding of the educational curriculum, strong safety processes and reputation, customer service and a market leading portfolio of activity centres,” Holidaybreak said.
PGL’s CEO Martin Davies will become managing director of the new Holidaybreak education division.
“It is the intention of the board that PGL’s senior management team and current employees should remain with PGL following completion,” Holidaybreak said.
The deal was unveiled as Holidaybreak announced increased half year winter pre-tax losses of £7.9 million for the six months ending March 31 against a £6.9 million deficit for the same period the previous year. Revenue was up from £88.7 million to £100.6 million.
The results were described as being “broadly in line” with management expectations as the company traditionally reports an operating winter loss due to the seasonal nature of its camping business.
Chief executive Carl Michel said; “This year we again expect to deliver margins well above industry norms and demonstrate strong cash generation.
“We continue to have a healthy pipeline of acquisitions and the board continues to expect to achieve a satisfactory trading outcome for the full year.
“We are excited about the potential of PGL and believe it is an excellent fit with our strategy.”
by Phil Davies
Phil Davies
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