European private credit asset manager RoundShield has sold its investment in German and Swiss campsites platform Lodgyslife.
This transaction represents the first exit for RoundShield’s Fund V, which held its final close in September 2024.
Harrison Street Asset Management-owned RoundShield originally provided a €50m senior secured facility to support the expansion of Lodgyslife in the highly fragmented and under-institutionalised campsite sector.
Lodgyslife and its camping destinations have been acquired by private-equity-backed pan-European operator First Camp, allowing RoundShield to fully exit its position.
RoundShield said the investment and sale delivered a gross internal rate of return of 32.5% and a gross multiple of 1.7x.
Max Leeb, partner at RoundShield, said: “We are pleased to have supported this outstanding team in expanding a highly successful platform from its Swiss home market into Germany.
“This transaction reflects our focus on opportunities underpinned by strong fundamentals and where tailored capital solutions can unlock value.”
René Müller, co-founder and CEO of Lodgyslife, said: “When we initiated our buy and build strategy in the German-speaking camping market five years ago, we were the only institutionally minded company establishing such a platform.
“We anticipated that once the first institutional investor recognised this, broader interest would follow. Our repayment of RoundShield’s investment now underscores the significant and expanding institutional interest in our sector.”
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