Wyndham Exchange & Rentals(SM) to Acquire Hoseasons (United Kingdom)
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Wyndham Exchange & Rentals(SM) to Acquire Hoseasons (United Kingdom)
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Category: Worldwide - United Kingdom - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-02-23
Wyndham Worldwide (NYSE:WYN) today announced that its Exchange & Rentals business unit, the European leader in exclusive marketing of independent holiday accommodation, has agreed to acquire Hoseasons Holdings Ltd, one of the UK's most renowned holiday brands, from HgCapital and a number of individual parties.
The acquisition price is approximately $60 million, net of estimated cash acquired. The transaction is subject to the consent of the Financial Services Authority (FSA) in the UK, which the companies hope to obtain before the end of the first quarter. Wyndham Worldwide expects this acquisition to be accretive in 2011.
Hoseasons, with a proud and distinguished 65-year heritage, is one of the best-known brand names in UK tourism. The company provides a wide range of holiday offerings in over 15,000 lodges, cottages, villas, caravans and boats across seven European countries.
Wyndham's European rentals business is the leading provider in exclusive marketing of independent holiday accommodation across the continent and has many of Europe's best-known holiday brands including English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez Nous and Canvas Holidays in the UK, and Landal GreenParks, Novasol, Dansommer and Cuendet across Northern, Central and Southern Europe. These iconic brands have a combined portfolio of over 60,000 holiday properties located in over 20 European countries.
"The purchase of Hoseasons is a great example of how we are deploying a portion of our free cash flow to supplement organic growth with opportunistic acquisitions," said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "Hoseasons offers a strong strategic fit with our European rentals business and an attractively-priced opportunity to continue to grow our fee-for-service businesses."
"We are delighted that Hoseasons is joining the Wyndham Exchange & Rentals family," said Geoff Ballotti, CEO, Wyndham Exchange & Rentals. "Hoseasons has been providing exceptional holidays at affordable prices for 65 years. Hoseasons is a highly successful business and a consumer icon in the UK, complementing Wyndham's existing rentals brands in terms of product offering, customer service and values. This acquisition enables us to provide European vacationers with a great selection of inventory, all backed by Wyndham Worldwide, one of the most trusted names in vacation rentals."
Ian Ailles, Managing Director, European Rentals, Wyndham Exchange & Rentals said: "The addition of Hoseasons to our existing portfolio of independent holiday accommodation brands means we can offer customers the complete range of holiday experiences in Europe. The addition of the UK holiday parks completes our suite of holiday offerings; from caravans to castles, we now have it all!"
Wyndham Worldwide retained Credit Suisse Securities (USA) LLC as financial advisor and Kirkland & Ellis LLP for corporate legal services related to this transaction.
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