Hull family business J.R. Rix & Sons Ltd has acquired a residential park home maker to build on its holiday home and lodge portfolio manufactured by Victory Leisure Homes.
The company has become sole shareholder in Prestige Communities Group Ltd – parent company of well-known residential brand Prestige – for an undisclosed sum.
The move sees Rix Group enter the residential park home sector for the first time, after growing Victory Leisure Homes into one of the UK’s top holiday home and lodge manufacturers. The Prestige portfolio also offers an extended range of premium holiday and leisure homes, growing the Group’s presence and market share.
James Doyle, Managing Director of J.R. Rix & Sons, said the acquisition will bring stability to Prestige Communities Group, which has undergone several changes in ownership over recent years.
Mr Doyle said: “We’re delighted to complete the purchase of Prestige. I feel we are well positioned to support and invest further in the company ensuring it remains at the forefront of innovation in the park home and leisure space.
“The acquisition extends our product range into the residential park home sector and will enable us to build on the successes achieved by Victory Leisure Homes in the holiday park sector.
“We feel there is a good cultural fit with the people at Prestige which will be fundamental to the business’s future success and we look forward to working with Mitchell Comer and his management team.”
Mitchell Comer, CEO of Northamptonshire-based Prestige, said: “Following the restructuring in February, we have been seeking and discussing a long-term investor/owner proposition that would give Prestige a foundation to build upon, securing the legacy, but equally enabling funding and support for continued growth and innovation.
“J.R. Rix & Sons demonstrated a long-term vision, both for their group of companies, as well as Prestige, and during discussions it was clear we shared common values and aspirations.”
