Park Resorts, one of the UK’s leading caravan park operators was sold to ABN Amro for £165 million, in December 2004. The transaction merged Park Resorts with GB Holiday Parks to create the UK’s second-largest caravan park group, retaining the name Park Resorts. This was CBPE’s most successful investment, with a return close to eight times the original equity investment of £12.25 million and an IRR of over 80%. CBPE re-invested £10m of its proceeds for a minority equity stake in the enlarged business.