Dechert LLP advised Ares Management Limited (“Ares”) on the provision of their financing package in support of Midlothian Capital Partners ("MCP") and a consortium of investors, in partnership with co-founder Miles Dewhurst and the management team, agreement to acquire Park Leisure 2000 Limited (“Park Leisure”), the UK’s leading luxury holiday park operator, for a value of £103 million.

Park Leisure was founded 19 years ago and has grown to 10 holiday home parks across the UK with a turnover of £58 million and 350 staff. It owns and operates holiday home parks throughout the UK in country and coastal locations, with facilities and standards of service that are famous for five-star quality. CEO and co-founder Gary Molloy will exit from the business at completion to pursue other avenues, which is expected to take place in the first half of this year. Park Leisure co-founder Miles Dewhurst will become CEO and will be supported by the existing management team as well as MCP, who are all excited to take Park Leisure through its next phase of growth. This transaction follows MCP’s recent acquisition of Dobbies Garden Centres which was also supported by financing provided by Ares, and in respect of which members of the Dechert team acted for Ares.

The Dechert team was led by corporate and securities partners David Miles and Ross Allardice, with support from senior associates Smridhi Gulati and Ross Montgomery, associate Kenny MacLeod, and trainee solicitor Michael Grainger. Regulatory advice was provided by financial services partner Richard Heffner, supported by associate Alison Couchman.

Miles said, “We are very pleased to have supported Ares on this significant acquisition working with them to help deliver another innovative financing solution.”

Allardice added, “The tight execution timetable meant that the deal played to the firm's strengths as we fielded an experienced team to support Ares on its financing and navigated them through complex regulatory issues.”