The Intermediate Capital Group (ICG), is snapping paying £362 million – more than double the £172m Caledonia paid for 85.1 per cent of the the firm in 2013.

Caledonia will receive £197m in cash for its 81.5 per cent holding. Under Caledonia’s ownership, Park Holidays saw the number of parks it operates expand from 23 to 26. Core earnings at Park Holidays are expected to reach £36.5m by the end of this year.

Will Wyatt, chief executive of Caledonia, said: “Park Holidays has been an outstanding investment for Caledonia and we are delighted with the progress it has made since we became involved in 2013.

“It exemplifies our ability to find and attract capable management teams and I am delighted that the outcome has been so successful for both us and Jeff Sills (Park Holidays chief exec) and his colleagues.”

Duncan Johnson, Caledonia’s head of unquoted investments, said: “Caledonia’s unquoted strategy is to invest in leading businesses which combine an ability to grow profits whilst also paying a healthy annual cash return to shareholders. Park Holidays has delivered in every respect and we congratulate Jeff Sills and his team, as well as the company’s chairman Adrian Fawcett, for their stewardship of the business over the past three years.”

ICG will retain Park Holidays’ current management team, including chief executive Jeff Sills. He said: “We were attracted to Caledonia because of its unique investment model.

“Caledonia has proved to have been a very supportive financial partner over the past three years, which has enabled us both to acquire new sites and improve the quality of our existing estate. We look forward to continuing to deliver good returns for our new investor.”