Willerby.
Image Source: Nick Hill

European investment giant acquires majority stake in Hull holiday home manufacturer

Equistone Partners Europe Limited has announced the acquisition of a majority stake in the Hull-based manufacturer of static holiday homes, Willerby.

Equistone, which is mid-market private equity investment firm operating throughout in Europe, bought the stake in Willerby from Caird Capital.

The financial terms of the investment are undisclosed.

Founded in 1946, Willerby is the largest provider of static caravans and lodges in the UK. It manufactures approximately 70 different models of static caravans and lodges across 23 product ranges at a variety of price points.

From its two recently expanded production sites in Hull, the company employs around 900 people. Willerby generates an annual turnover of £155m.

Equistone’s investment will support the company’s expansion within the UK holiday home market by leveraging its brand, new product development, and quality production to meet consumer demand.

Andi Tomkinson, investment director at Equistone Partners Europe, said: “Willerby is the clear UK market leader in terms of both scale and breadth of product offering. It also enjoys an established reputation for quality and innovation rooted in over seven decades of its history, and has exhibited strong growth in recent years.

“When you combine this with the attractive fundamentals of the wider UK holiday home sector – namely a strengthening ‘grey pound’ driven by demographic change and the long-term upswing in Britons’ propensity for ‘staycations’ – the opportunity to invest was an exciting one.

“We look forward to working with CEO Peter Munk and the entire Willerby team to help the business realise its potential for further growth.”

Peter Munk, CEO of Willerby, commented: “The market opportunity within the UK holiday home sector is exciting and, with our scale, skilled passionate people, technical innovations, and leading production, we are well-placed to capitalise upon it.

“We’re delighted to have found in Equistone an investor with not only a proven track record in supporting mid-market companies’ growth, but also an understanding of the importance of our proud history of premium quality and technical innovation to the Willerby brand’s success.”

Andi Tomkinson and Richard Briault-Hutter from Equistone led the investment.

Equistone was advised on the acquisition by Lincoln International, Marlborough Partners, Travers Smith, EY, OC&C Strategy Consultants, Newton, and PwC.

Caird Capital was advised on the sale by DC Advisory, DLA Piper, L.E.K. Consulting, and PwC. Willerby’s management was advised by Jamieson Corporate Finance and CMS.

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