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Hoseasons Holdings being bought for $60 million
Wyndham Worldwide said that its Exchange & Rentals unit has agreed to acquire Hoseasons Holdings Ltd., one of the U.K.'s best-known holiday brands. Wynn bought the business for $60 million from HgCapital and several individual investors.
"The purchase of Hoseasons is a great example of how we are deploying a portion of our free cash flow to supplement organic growth with opportunistic acquisitions," said Stephen Holmes, chairman and ceo of Wyndham Worldwide. "Hoseasons offers a strong strategic fit with our European rentals business and an attractively priced opportunity to continue to grow our fee-for-service businesses."
The deal is subject to the consent of the Financial Services Authority (FSA) in the U.K., which the companies hope to obtain before the end of the first quarter. Wyndham Worldwide expects this acquisition to be accretive in 2011.
Hoseasons is a 65-year-old company that provides a wide range of holiday offerings in over 15,000 lodges, cottages, villas, caravans and boats across seven European countries. Wyndham's European rentals business provides exclusive marketing of independent holiday accommodation across the Continent, including English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez Nous and Canvas Holidays in the U.K., and Landal GreenParks, Novasol, Dansommer and Cuendet across northern, central and southern Europe. The brands have a combined portfolio of over 60,000 holiday properties located in more than 20 countries.
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