By Mark Kleinman, City Editor
The biggest shareholder in Formula One (F1) motor racing has teamed up with a Singaporean state fund to mount a joint £2.5bn bid for Center Parcs, the British-based leisure resorts operator.
Sky News understands that CVC Capital Partners and the Government Investment Corporation of Singapore (GIC) have joined forces in an attempt to persuade Blackstone, Center Parcs' current owner, to sell the company.
CVC and GIC are said to be in discussions with the Abu Dhabi Investment Authority, another powerful state fund, about joining their bid.
The Singaporean entity is a major investor in CVC's buyout funds as well as in the private equity firm's general partnership itself.
Sky News revealed last month that Blackstone had appointed a quartet of banks to work on a potential flotation of Center Parcs.
In a statement to bondholders on Monday, Center Parcs confirmed that it was "considering its strategic and financing options, which may include private or public equity or debt capital markets".
"However, no decision has been taken as to whether to proceed with any such transaction and, if Center Parcs does decide to proceed with a transaction, an announcement will be made at the appropriate time."
Late last year, Blackstone rejected a joint takeover offer from BC Partners and the Canada Pension Plan (CPP) which is understood to have valued Center Parcs at about £2bn.
KSL Capital Partners, another private equity group, has now joined forces with the duo to mount a revised bid.
The latest developments raise the prospect of a full-blown bidding war which could provide Blackstone with an attractive alternative to the equity markets as it seeks to realise its investment in a company it has owned since 2006.
The fifth village to open in the UK, it recorded a 99% occupancy rate during the three months since its launch, underlining the popularity of Center Parcs resorts and its growth potential.
The company is run by Martin Dalby, who became chief executive in 2000.
Among the options on which Rothschild, the investment bank, has been advising Blackstone and Center Parcs' board is a further refinancing that would enable shareholders to land a big payday ahead of a sale or stock market listing.
Center Parcs had a brief and not particularly successful spell as a public company before being taken private by Blackstone in 2006.
According to the company's 2014 annual report, it made adjusted pre-tax profits of nearly £147m during the financial year, up from £140m.
Blackstone and CVC declined to comment.
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