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.

BELAMBRA CLUBS, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.9x average currently observed in the Retail & Consumer sector.

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