BELAMBRA CLUBS
Acquired by
ANTIN INFRASTRUCTURE
BELAMBRA CLUBS acquired by ANTIN INFRASTRUCTURE
Target
BELAMBRA CLUBS
Acquirer
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.
BELAMBRA CLUBS, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN higher than the 10.9x average currently observed in the Retail & Consumer sector.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Belambra Clubs (formerly VVF Vacances) is a holding company in the vacation club and tourist residence sector offering vacation stays and rentals in France. It is the fourth largest player in France in this sector behind Club Med, Pierres et Vacances, Center Parcs, and Appart City.
Ent. Value
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Equity Value
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Multiples Analysis
EV / Revenue
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EV / EBITDA
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EV / EBIT
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Historical Financials (EUR)
Other operations with BELAMBRA CLUBS
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 01/2014 | CARAVELLE | BELAMBRA CLUBS | FRANCE | Hotels & Accommodation | Caravelle acquired a 61% majority stake in Belambra from ACG Capital (formerly Acto/Ekkio). The transaction concluded a laborious two-year sale process during which several auctions failed to attract satisfactory bids from industrial players (Pierre & Vacances) or funds (Sagard, LBO France). Caravelle emerged as the sole bidder capable of taking over the asset in a difficult context. The Caisse des Depots (CDC) remained a strategic minority shareholder with 34%. The deal was executed at a price significantly lower than the seller's initial expectations, reflecting the need for an operational turnaround. |
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