American private equity firm behind Hoseasons-owner Awaze Holidays prepares to put business up for sale
The American private equity owner of Awaze Holidays is preparing to put the business up for sale.
Platinum Equity Partners, which bought Awaze in 2018 for £925million, has spoken with investment banks about an auction. A sale may be scheduled for the end of the year, according to City sources.
Up for sale: Awaze operates two of the UK’s biggest holiday cottage booking firms – Hoseasons and Cottages.com – and makes more than £100million profit a year before interest
Awaze operates two of the UK’s biggest holiday cottage booking firms – Hoseasons and Cottages.com – and makes more than £100million profit a year before interest, tax and exceptional costs. Sources said Awaze could be valued at more than £1.5billion.
The business accommodates more than eight million holidaymakers each year and generates more than €1.8 billion (£1.5 billion) in gross revenue, making it one of the biggest operators in Europe. It also runs Novasol and James Villa Holidays.
UK resorts have benefited from surging demand due to restrictions on international travel and this has prompted a wave of takeover activity. CVC Capital Partners bought rival Away Resorts last June and Park Holidays was sold to Sun Communities.
Rival Parkdean Resorts last week suspended its sale process after the cost-of-living crisis hit consumer confidence. One source said Platinum may push back the timing of a sale. Platinum and Awaze did not respond to requests for comment.