Addleshaw Goddard were very pleased to complete their first transaction acting for Limerston Capital in relation to their acquisition and funding of Largo Leisure, the Scottish-based holiday park operator.
Largo Leisure are a premium leisure parks market with self-catering lodges, glamping and caravan holidays offered across their four parks in Letham Feus in Fife, Sauchope Links near Crail, Braidhaugh Park and Loch Tay both in Perthshire. This was the first investment made by Limerston's second fund.
AG supported Limerston in advising on the acquisition led by corporate partner Ann Grewar assisted by Nick Kelly and Chris England. AG also played a key role in securing senior debt funding from HSBC. Finance partner Euan Cluness led the financing elements of the transaction assisted by Peter Smartt and Thomas Wright.
Euan said "It was great to have the opportunity to work with Limerston Capital for the first time particularly at this important time as they close the opening investment into their second fund. The Largo Leisure business provides them with a strong UK domestic holiday offering which also has some excellent growth potential. The funding package which we helped put in place with HSBC will facilitate the development and improvement of some of the parks and also give the group the ability to make acquisitions."
This represents an exciting new investment for Limerston at the start of their second fund with further investment into the parks' properties and further acquisitions. Mirza Delibegovic, Investment Director said:
"It’s been a real pleasure working with Addleshaw Goddard team on bringing this transaction to a successful close. Buying businesses directly from founders often requires resolving additional unforeseen challenges and AG team have been flexible, responsive, and commercial in their approach to delivering best results. Largo Leisure is a fantastic platform for growth and having the right financing package in place on day one will enable the business to focus on enhancing its offering and building scale.”
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