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02/2026

BELAMBRA CLUBS acquired by ANTIN INFRASTRUCTURE

FRANCE Hospitality & Leisure / Hospitality / Hotels & Accommodation EV 300M - 700M EUR

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 LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level LOGIN than the average currently observed in the Retail & Consumer sector (11.0x).

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 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

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Multiples

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Historical Financials (EUR)

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2024
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Other operations with BELAMBRA CLUBS

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
01/2014CARAVELLEBELAMBRA CLUBSFRANCEHospitality & Leisure

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

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 250M - 500M EUR

EBITDA range: 5M - 25M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BELAMBRA CLUBS by ANTIN INFRASTRUCTURE are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: antin infrastructure