OWNERSHIP REMAINS IN LOCAL HANDS AFTER BUY-OUT OF PATHFINDER PARK HOMES
Luxury residential park home and holiday lodge manufacturer, Pathfinder Park Homes Ltd (“Pathfinder”) has been acquired by their management team.
Pathfinder is one of the leading park home and holiday lodge manufacturers in the UK, producing over 200 homes per annum from its purpose built manufacturing facility in Devon. Pathfinder has developed a market leading position in the design, manufacture and supply of luxury and bespoke park homes and holiday lodges, it supplies a number of the UK’s leading park operators and has won numerous industry awards over recent years. Pathfinder has a turnover of £18m and employs 140 people.
The business was established sixty years ago, with this transaction ensuring ownership remains in local hands and providing continuity for Pathfinder’s customers, employees and suppliers. Bruce Macdonald, the Managing Director of Pathfinder, said “We are keen to build on the foundation laid by the founders of Pathfinder and are excited about our future growth plans. It is very much business as usual for Pathfinder and we will continue focusing on producing the most innovative homes and providing a quality service to our customers.”
The transaction allows the founders to hand the business over and enables the business to continue to provide its services to customers in an undisturbed manner. The consideration and terms of the transaction were not disclosed.
Isca Ventures acted as the lead corporate finance adviser on the transaction. Mark Champion, Partner at Isca Ventures, said “Pathfinder is a high quality business with a strong management team. We were pleased to have put this transaction together and look forward to contributing to the success of Pathfinder over the coming years.” Mark Champion will also join the Pathfinder Board as Chairman.
HSBC Bank Plc provided funding for the transaction. Legal support was provided by Michelmores (management team), OTB Eveling (vendors) and Clarke Willmott (bank).