American firm Sun Communities has announced the closing of its acquisition of Park Holidays UK which has sites in Kent including Birchington Vale.
The company has bought 40 owned and two managed communities in seaside locations in the south of England after completing a deal first announced last November.
The purchase price was £950 million.
Company President and Chief Operating Officer John McLaren said: “We are excited to welcome the Park Holidays properties, team members, holiday homeowners and guests to the Sun family, marking another important milestone in our growth and evolution.
“The Park Holidays’ business model is similar to and complementary with Sun’s Manufactured Housing platform.
“Combining the strengths of our team alongside the skilled and experienced Park Holidays team, this acquisition provides us with the opportunity to establish a strong presence within the highly fragmented UK market.
“We look forward to executing on Sun’s proven acquisition, expansion and development strategies in the UK through Park Holidays, further expanding our best-in-class portfolio and accelerating our growth.”
Jeff Sills, Park Holidays CEO, added: “Park Holidays is thrilled to be joining the Sun Communities team. The similarities in our product offerings, operations, and culture will help us enhance our best-in-class holiday park experience for homeowners and guests. By joining the Sun platform, we can continue to scale and optimize the UK holiday park opportunity for all stakeholders.”
