Electra Partners has taken a controlling stake in holiday park operator Park Resorts, in a deal that marks the UK-listed private equity firm’s first ever debt-for-equity swap.

London-based Electra, one of Europe's oldest private equity firms, said today that it has led the refinancing of Park Resorts' debt facilities using a payment-in-kind note, which will result in Electra owning a 54% stake in the UK business.