BELAMBRA CLUBS acquired by ANTIN INFRASTRUCTURE
Context
Antin Infrastructure Partners entered into exclusive negotiations to acquire a majority stake (>90%) in Belambra Clubs from Caravelle. The transaction marks the exit of the family holding Caravelle after a 12-year holding period. The deal is executed via Antin's Midcap I fund. The management team remains in place to execute a EUR100 million investment plan. The strategic roadmap focuses on moving upmarket, opening at least one new site per year, and notably acquiring the real estate assets ("walls") of several clubs to secure the asset base.
It is worth noting that the fund Caravelle took control of Belambra Clubs through an LBO in 2014.
BELAMBRA CLUBS, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the Retail & Consumer sector (10.9x).
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Target
Belambra Clubs (formerly VVF Vacances) is a French company specializing in the management of high-end leisure infrastructure, with a portfolio of +40 integrated vacation villages located in protected tourist areas characterized by high regulatory and land-use barriers to entry. The company generates significant cash flows through the sale of all-inclusive stays, which combine accommodation, dining, and sports and entertainment facilities, catering to a loyal domestic clientele. Its operational model is based on the ownership and management of heavy physical assets, which require regular maintenance investments, as well as fine-tuned management of occupancy rates during peak seasons. Optimizing on-site personnel expenses is also a key aspect of its operations. With revenues of €254 million, the company is heavily reliant on its strategy of upgrading its accommodation facilities, dynamic pricing of its packages, and intermediated or direct booking contracts that secure occupancy rates for its fixed infrastructure before the sites open, enabling effective capacity planning and management. This approach allows the company to maintain a consistent and high-quality service offering while ensuring efficient resource allocation. It is the fourth largest player in France in this sector behind Club Med, Pierres et Vacances, Center Parcs, and Appart City.
Ent. Value
Equity Value
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EV / Revenue
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Historical Financials (EUR)
Other operations with BELAMBRA CLUBS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 01/2014 | CARAVELLE | BELAMBRA CLUBS | FRANCE | Hotels & Accommodation |
REFERENCES
Valuation range: EV 300M - 700M EUR
Revenue range: 250M - 500M EUR
EBITDA range: 5M - 25M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: antin infrastructure