Canadian private equity firm Onex Corporation agreed to acquire Newcastle and Hemel Hempstead-based caravan holiday park operator Parkdean Resorts for £1.35 billion from Epiris, another private equity fund.

Onex Partners IV and Onex have committed to make an equity investment of $750 million.

Parkdean Resorts owns and operates 73 caravan holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year.

The company offers a wide range of accommodation from caravans and camping pitches to chalets, apartments and lodges.

“This is an exciting opportunity for Parkdean Resorts,” said Parkdean Resorts CEO John Waterworth.

“We look forward to working with Onex to further enhance our parks and leisure facilities during our next phase of growth.”

Parkdean Resorts employs more than 6,000 staff during the peak holiday season.

“Parkdean Resorts has built the market-leading affordable holiday park business in the UK, with a strong base of loyal customers in an attractive segment of the domestic holiday market,” said Tony Morgan, a managing director with Onex.

“We are excited to partner with John Waterworth and his team to continue to support the company’s growth, both organically and through acquisition.”

Alex Fortescue, managing partner at Epiris, said: “We are proud of our investment in Parkdean Resorts and in many ways it represents what differentiates Epiris from the crowd.

“Through a series of bank-related acquisitions and 11 individual transactions we have transformed our original Park Resorts debt position into joint control of a very high-quality, market-leading business with profits of more than £100 million.

“John and the team have done a tremendous job in developing the business and we are delighted to see Onex picking up the mantle for the next stage of growth.”