PAI Partners agreed to sell a significant minority stake in European Camping Group to a subsidiary of ADIA. PAI Partners retains majority ownership of the group. The transaction, officially celebrated during the 2025 "Choose France" summit, marks a new phase of development for ECG to pursue geographic diversification and organic growth. The investment by ADIA reportedly totaling EUR600 million for the stake—underscores the attractiveness of the outdoor hospitality sector and ECG's position as its leading pan-European platform.

Less than a year after being acquired by PAI Partners, European Camping Group (Homair, Eurocamp, Roan) absorbed its direct competitor, Vacanceselect. This transaction allowed ECG to double its revenue and become the #3 European leader in the sector. The combined entity manages 45,000 mobile homes across 400 campsites, 100 of which are directly owned. The merger significantly increased ECG's "Prop-Co" footprint and marked a successful exit for Permira after 7 years of ownership.

PAI Partners acquired a majority stake in European Camping Group from a consortium including Carlyle, Montefiore Investment, and Ontario Teachers' Pension Plan (OTPP). The deal was backed by an Ares unitranche financing. PAI's entry is intended to support an aggressive consolidation strategy, targeting 5 to 10 campsite acquisitions per year to reinforce ECG's position as the dominant pan-European platform.

The Carlyle Group acquired a 70% majority stake in Homair Vacances (now European Camping Group) in a transaction valuing the company at over EUR300 million. Montefiore Investment, the historical sponsor since 2006, reinvested to keep a 25% minority stake. This capital infusion was timed to coincide with Homair's transformational acquisition of its British rival, Eurocamp. The strategic goal of the merger is to double Homair's European market share within five years through organic growth and further consolidation.