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Wyndham Exchange & Rentals To Acquire Hoseasons
March 1, 2010
Wyndham Worldwide (NYSE:WYN) announces that its Exchange & Rentals business unit, the European
leader in exclusive marketing of independent holiday accommodation, has agreed to acquire Hoseasons
Holdings Ltd, one of the UK’s most renowned holiday brands, from HgCapital and a number of individual
parties.
The acquisition price is approximately $60 million, net of estimated cash acquired. The transaction is
subject to the consent of the Financial Services Authority (FSA), which the companies hope to obtain
before the end of the first quarter. Wyndham Worldwide expects this acquisition to be accretive in 2011.
Hoseasons, with a proud and distinguished 65-year heritage, is one of the best-known brand names in UK
tourism. The company 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 is the leading provider in exclusive marketing of independent
holiday accommodation across the continent and has many of Europe’s best-known holiday brands
including English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez
Nous and Canvas Holidays in the UK, and Landal Green Parks, Novasol, Dansommer and Cuendet across
Northern, Central and Southern Europe. These iconic brands have a combined portfolio of over 60,000
holiday properties located in over 20 European countries.
“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 P. Holmes, chairman and CEO,
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.”
“We are delighted that Hoseasons is joining the Wyndham Exchange & Rentals family,” said Geoff Ballotti,
CEO, Wyndham Exchange & Rentals. “Hoseasons has been providing exceptional holidays at affordable
prices for 65 years. Hoseasons is a highly successful business and a consumer icon in the UK,
complementing Wyndham’s existing rentals brands in terms of product offering, customer service and
values. This acquisition enables us to provide European vacationers with a great selection of inventory, all
backed by Wyndham Worldwide, one of the most trusted names in vacation rentals.”
Ian Ailles, Managing Director, European Rentals, Wyndham Exchange & Rentals said: “The addition of
Hoseasons to our existing portfolio of independent holiday accommodation brands means we can offer
customers the complete range of holiday experiences in Europe. The addition of the UK holiday parks
completes our suite of holiday offerings; from caravans to castles, we now have it all!”
Wyndham Worldwide retained Credit Suisse Securities (USA) LLC as financial advisor and Kirkland & Ellis
LLP for corporate legal services related to this transaction.
About Wyndham European Rentals
Wyndham’s European Rentals business, part of Wyndham Exchange & Rentals and the Wyndham
Worldwide family of companies (NYSE: WYN), has the largest and most diverse collection of vacation rental
properties in the UK and Continental Europe. A combined portfolio of over 60,000 vacation homes –
cottages, farmhouses, apartments, villas and even lighthouses and castles – are available to rent in
geographic regions ranging from the Arctic Circle to the Mediterranean and from the Atlantic Ocean to the
Black Sea.
Wyndham’s European Rentals also offer customers a complete range of vacation experiences, including
beach holidays, country cottages, Tuscan farmhouses, family lodges set in forests, boating holidays, ski
lodges and camping holidays with traditional gypsy roulettes.
Wyndham’s European Rentals has some of the most iconic brands in the European vacation market,
including Landal Green Parks, with more than 60 holiday villages offering 11,000 bungalows and chalets in
the Netherlands, Belgium, Germany, Austria, Switzerland and the Czech Republic. Novasol, which includes
specialist brands Cuendet and Dansommer, is the largest provider of holiday homes for Continental
Europe, both in number of properties offered and in geographic spread. The Holiday Cottages Group is the
number one provider of holiday homes in the UK and to UK travelers going abroad, with leading brands
including cottages4you, English Country Cottages, Welcome Cottages, easycottages.com and a portfolio of
Southern European homes with Villas4you. Completing the portfolio, Canvas Holidays provides a unique
outdoor holiday experience for families with nearly 100 campsites in nine European countries.
About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and
business-to-business customers a broad suite of hospitality products and services across various
accommodation alternatives and price ranges through its premier portfolio of world-renowned brands.
Wyndham Hotel Group encompasses approximately 7,110 franchised hotels and approximately 597,700
hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million
members, access to over 65,000 vacation properties located in approximately 100 countries. Wyndham
Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer
financing to owners through its network of over 155 vacation ownership resorts serving over 820,000
owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide,
headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s web site at
www.wyndhamworldwide.com.
March 1, 2010
Wyndham Worldwide (NYSE:WYN) announces that its Exchange & Rentals business unit, the European
leader in exclusive marketing of independent holiday accommodation, has agreed to acquire Hoseasons
Holdings Ltd, one of the UK’s most renowned holiday brands, from HgCapital and a number of individual
parties.
The acquisition price is approximately $60 million, net of estimated cash acquired. The transaction is
subject to the consent of the Financial Services Authority (FSA), which the companies hope to obtain
before the end of the first quarter. Wyndham Worldwide expects this acquisition to be accretive in 2011.
Hoseasons, with a proud and distinguished 65-year heritage, is one of the best-known brand names in UK
tourism. The company 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 is the leading provider in exclusive marketing of independent
holiday accommodation across the continent and has many of Europe’s best-known holiday brands
including English Country Cottages, Scottish Country Cottages, cottages4you, Welcome Cottages, Chez
Nous and Canvas Holidays in the UK, and Landal Green Parks, Novasol, Dansommer and Cuendet across
Northern, Central and Southern Europe. These iconic brands have a combined portfolio of over 60,000
holiday properties located in over 20 European countries.
“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 P. Holmes, chairman and CEO,
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.”
“We are delighted that Hoseasons is joining the Wyndham Exchange & Rentals family,” said Geoff Ballotti,
CEO, Wyndham Exchange & Rentals. “Hoseasons has been providing exceptional holidays at affordable
prices for 65 years. Hoseasons is a highly successful business and a consumer icon in the UK,
complementing Wyndham’s existing rentals brands in terms of product offering, customer service and
values. This acquisition enables us to provide European vacationers with a great selection of inventory, all
backed by Wyndham Worldwide, one of the most trusted names in vacation rentals.”
Ian Ailles, Managing Director, European Rentals, Wyndham Exchange & Rentals said: “The addition of
Hoseasons to our existing portfolio of independent holiday accommodation brands means we can offer
customers the complete range of holiday experiences in Europe. The addition of the UK holiday parks
completes our suite of holiday offerings; from caravans to castles, we now have it all!”
Wyndham Worldwide retained Credit Suisse Securities (USA) LLC as financial advisor and Kirkland & Ellis
LLP for corporate legal services related to this transaction.
About Wyndham European Rentals
Wyndham’s European Rentals business, part of Wyndham Exchange & Rentals and the Wyndham
Worldwide family of companies (NYSE: WYN), has the largest and most diverse collection of vacation rental
properties in the UK and Continental Europe. A combined portfolio of over 60,000 vacation homes –
cottages, farmhouses, apartments, villas and even lighthouses and castles – are available to rent in
geographic regions ranging from the Arctic Circle to the Mediterranean and from the Atlantic Ocean to the
Black Sea.
Wyndham’s European Rentals also offer customers a complete range of vacation experiences, including
beach holidays, country cottages, Tuscan farmhouses, family lodges set in forests, boating holidays, ski
lodges and camping holidays with traditional gypsy roulettes.
Wyndham’s European Rentals has some of the most iconic brands in the European vacation market,
including Landal Green Parks, with more than 60 holiday villages offering 11,000 bungalows and chalets in
the Netherlands, Belgium, Germany, Austria, Switzerland and the Czech Republic. Novasol, which includes
specialist brands Cuendet and Dansommer, is the largest provider of holiday homes for Continental
Europe, both in number of properties offered and in geographic spread. The Holiday Cottages Group is the
number one provider of holiday homes in the UK and to UK travelers going abroad, with leading brands
including cottages4you, English Country Cottages, Welcome Cottages, easycottages.com and a portfolio of
Southern European homes with Villas4you. Completing the portfolio, Canvas Holidays provides a unique
outdoor holiday experience for families with nearly 100 campsites in nine European countries.
About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and
business-to-business customers a broad suite of hospitality products and services across various
accommodation alternatives and price ranges through its premier portfolio of world-renowned brands.
Wyndham Hotel Group encompasses approximately 7,110 franchised hotels and approximately 597,700
hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million
members, access to over 65,000 vacation properties located in approximately 100 countries. Wyndham
Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer
financing to owners through its network of over 155 vacation ownership resorts serving over 820,000
owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide,
headquartered in Parsippany, N.J., employs approximately 25,000 employees globally.
For more information about Wyndham Worldwide, please visit the Company’s web site at
www.wyndhamworldwide.com.
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