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Holiday deal a pretty picnic for firms
Minter Ellison and Ashurst scored the main roles on the majority sale of Australia’s largest holiday parks owner.
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Firms: Minter Ellison (Next Capital, Allegro Funds, Macquarie Funds and management); Ashurst (Sunsuper)
Area: Private Equity
Value: Undisclosed
Key Players: Sydney-based partner Callen O’Brien (pictured) was the lead partner for Minters, with a number of other lawyers assisting. Senior associate Glen Sauer also played a pivotal role, with support also provided from finance partner John Mosley and the highly regarded property partner Virginia Briggs.
Ashurst acted for Sunsuper.
Sydney-based corporate partner Lisa Simmons was the lead partner, with support from fellow partners Rehana Box, Damian Salsbury, Jamie Ng and Jennie Mansfield.
Ernst & Young were the tax advisers for the vendors, with KPMG Tax providing tax advice to Sunsuper. KPMG Corporate Advisory also advised Sunsuper.
Deal Significance: Sunsuper has paid around $240 million to purchase a 70 per cent stake in Discovery Holiday Parks from Next Capital, Allegro Funds and Macquarie Funds and management.
Sunsuper’s Chief Investment Officer David Hartley said the move was a strong investment for Sunsuper’s members.
“The holiday park industry is a strong and resilient sector and demand has continued to increase, even when there has been a decline in other forms of tourism accommodation,” he said. Sunsuper has more than one million members and approximately $26 billion in funds under management.”
Discovery Holiday Parks has 31 parks throughout Australia.
