CVC & Singapore’s GIC team up for £2.5b bid for Center Parcs

Visual from Center Parcs website

Formula One’s largest shareholder CVC Capital Partners has teamed up with Singapore’s sovereign wealth fund GIC Private Limited (formerly known as Government of Singapore Investment Corporation) for a £2.5 billion bid for Center Parcs, the British-based leisure resorts operator, a report said.

Sky News City editor Mark Kleinman in a report said CVC and GIC were attempting to ‘persuade’ private equity firm Blackstone, which has been Center Parcs’ owner since 2006, to sell the company.

Center Parcs runs five holiday villages in the UK.

The report further added that the CVC and GIC were also in talks with another state fund Abu Dhabi Investment Authority, to join the bid for Center Parcs.

Earlier this week, Center Parcs said, in a statement, that it was “considering its strategic and financing options, which may include private or public equity or debt capital markets”.

“However, no decision has been taken as to whether to proceed with any such transaction and, if Center Parcs does decide to proceed with a transaction, an announcement will be made at the appropriate time,” the statement added.

Blackstone, which had bought £1.1 billion Center Parcs, had twice rejected deals to sell the company, first in 2010 and again in 2013.

In 2010, Blackstone had examined the possibility of selling Center Parcs to M&G, the investment arm of UK insurer Prudential. Last year, BC Partners and the Canada Pension Plan (CPP) had attempted to take over the resorts operator.

The Sky News report added that BC Partners and the Canada Pension Plan are set to join the bidding war once again, with a revised deal. This time around, they are joined by KSL Capital Partners, another private equity group.

Meanwhile, the GIC-CVC partnership is not new. The funds have often worked in tandem to acquire stakes in the same companies, in the past. GIC is also an investor in CVC.

Earlier this month, DEALSTREETASIA had reported that Hong-Kong based broadband-services provider HKBN Ltd has raised $750 million after the private equity investors in the company, sold 645 million shares at 9 HK dollars apiece. Post the equity sales, CVC Capital Partners’ will own 14.4 per cent stake in the listed entity and GIC 9.9 per cent, compared to the earlier stakes of 70.7 per cent and 11.3 per cent, respectively.

As per Center Parcs’s 2014 annual report, it made adjusted pre-tax profits of nearly £147 million during the financial year, up from £140 million.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.