Three years after investing in Discovery Holiday Parks, Next Capital, Allegro Funds, Macquarie Funds and management have sold the majority of the business to Sunsuper. Partner Callen O’Brien and senior associate Glen Sauer from Minter Ellison led the team advising the vendors.
Discovery Holiday Park is Australia’s largest owner and operator of holiday park accommodation. With a portfolio of 31 parks across the country, some of which are located near resource projects, it is also a major provider of workforce accommodation.
The Minter Ellison advisory team included partners John Mosley (finance) and Virginia Briggs (property), special counsel Caitlin Chiu (finance) and Cathy Hume (property), senior associate Kiri Purdy (property), associate Thomas Burke (corporate) and lawyer Jacinta Goutama (property).
Minter Ellison advised on the investment in Discovery Holiday Parks by Next Capital, Allegro Funds, Macquarie Funds and Sunsuper in December 2010, and has acted for Discovery Holiday Parks since that time.
The existing shareholders will retain ownership of Discovery Parks Onslow under a management agreement with Discovery Holiday Parks. The transaction values Discovery Parks (excluding Onslow) at an enterprise value of AUD240m (£130m).