Parkdean Resorts, the largest caravan holiday business in the UK, has been acquired by private equity firm Onex for £1.35bn.

The company owns 73 holiday parks across England, Scotland and Wales, which accommodate 500,000 holidays and short breaks a year.

Onex had originally agreed to buy the business in December 2016 from previous owner Epiris.

Parkdean Resorts was formed in November 2015 when Parkdean Holidays and Park Resorts merged, creating a business valued at £960m.

CBRE advised Parkdean Resorts during the transaction.

In January, the company announced that it was going to invest a record £50m on accommodation, retail and leisure facilities across its UK parks in time for the 2017 season.

Around £17m of that fund will go towards developing a new range of lodges, caravans and glamping facilities, while £5.5m will be spent on entertainment and leisure facilities.