Leading caravan park operator Parkdean Resorts is being sold in a deal worth £1.35 billion.

Canadian buy-out firm Onex has agreed the takeover from UK rival Electra Private Equity.

Parkdean Resorts owns and operates 73 holiday parks across England, Scotland and Wales, selling more than 500,000 holidays and short breaks a year.

The company’s accommodation ranges from caravans and camping pitches to chalets, apartments and lodges.

Parkdean Resorts employs more than 6,000 staff during the peak holiday season with headquarters in Hemel Hempstead and Newcastle.

The company was formed in November last year through the merger of the caravan operator Park Resorts and smaller rival Parkdean Holidays and now has annual profits of more than £100 million.

Private equity fund manager Epiris, whose major client is Electra, originally invested £70 million into Park Resorts in 2012 before leading a debt restructuring to help grow the business.

Alex Fortescue, manging partner at Epiris, said: “We are proud of our investment in Parkdean Resorts and in many ways it represents what differentiates Epiris from the crowd.

“Through a series of bank-related acquisitions and 11 individual transactions we have transformed our original Park Resorts debt position into joint control of a very high-quality, market-leading business with profits of more than £100 million.

“We are delighted to see Onex picking up the mantle for the next stage of growth.”