Holidaybreak is due to complete the acquisition of UK schools adventure operator PGL today.
The deal, worth up to £100 million, was approved by a majority of over 98% at an Extraordinary General Meeting this morning.
PGL will become Holidaybreak’s fourth operating division – education.
It is market leader in the outdoor education and adventure sector for UK schools and 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.
Based in Ross-on-Wye, it 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.
Announcing the deal last month, Holidaybreak said: “It is the intention of the board that PGL’s senior management team and current employees should remain with PGL following completion.”
PGL’s CEO Martin Davies will become managing director of the new Holidaybreak education division.
By Bev Fearis
