Room for doc detox on Roompot €1.05bn TLB
- Laura Thompson
- +Kat Hidalgo
- + 1 more
Netherlands-based holiday park operator Roompot is out with a €1.05bn TLB (B2/B) supporting its acquisition of peer Landal. Many buysiders are at home with this familiar face, basking in a staycation boom, but supported by M&A-led growth prior to its lockdown luck. However, concerns around the blow to pricing from margin ratchets, both sustainability-based and the more classic variety, as well as sponsor-friendly terms relating to the company’s asset base, are leaving buysiders unsettled.
“We’re constructive around the credit, and we’ve known the Landal business, Wyndham business, and Awaze for years,” said one buysider. “We’re comfortable with the credit, we’re just trying to get comfortable with the docs.”
KKR-owned Roompot was first out of the gate following August’s drought, with a market source saying the company was keen to “get out early” and have the market to themselves.