FRIENDLY HOTELS GROUP acquired by 123 IM, BPIFRANCE & SMALT CAPITAL
Context
Friendly Hotels has secured a new round of investment to accelerate its expansion in major Alpine ski resorts. The operation sees the historical financial sponsor, 123 Investment Managers, renewing its commitment, strategically joined by new institutional partners Bpifrance and Smalt Capital. This newly formed financial consortium provides the crucial capital required for Friendly Hotels to successfully acquire the business and real estate of a new prime hotel, alongside purchasing the underlying property of one of its historically managed assets. The primary strategic objective is to finance comprehensive renovations, elevate the brand's premium positioning, and secure a solid foundation for upcoming external acquisitions.
FRIENDLY HOTELS GROUP, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (10.6x).
-> Deep-dive in Retail & Consumer market trends
Target
Friendly Hotels Group is a specialized operator and developer of premium mountain hospitality assets located in highly sought-after alpine destinations. Operating a curated portfolio of iconic lifestyle hotels, the group focuses on providing deeply integrated guest experiences featuring wellness centers, specialized dining, and direct outdoor access. Following a strong initial growth phase, the enterprise is currently expanding its footprint by actively acquiring both the operational businesses and the underlying real estate of strategic high-altitude properties. The firm aims to solidify its brand identity and establish itself as a premier reference in the specialized mountain resort sector through continuous upgrades and premium repositioning of its assets.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Similar deals in Hospitality & Leisure
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2026 | EMIRATES INTERNATIONAL INVESTMENT COMPANY EIIC | JOE & THE JUICE | DENMARK | Restaurants / Chains |
| 04/2026 | BYWAY CAPITAL / BPIFRANCE | LA TÊTE DANS LES NUAGES | FRANCE | Leisure Facilities |
| 03/2026 | ARGOS WITYU | BÄCKEREI KAMPS | NETHERLANDS | Restaurants / Chains |
| 03/2026 | APOLLO GLOBAL MANAGEMENT | THE GOODLIFE GROUP | CANADA | Leisure Facilities |
| 02/2026 | ANTIN INFRASTRUCTURE | BELAMBRA CLUBS | FRANCE | Hotels & Accommodation |
| 01/2026 | AXIO CAPITAL | L'ORANGE BLEUE | FRANCE | Leisure Facilities |
| 01/2026 | TRIARTISAN CAPITAL ADVISORS / TREVILLE CAPITAL GROUP / YADAV ENTERPRISES | DENNY'S | UNITED STATES | Restaurants / Chains |
| 01/2026 | BCHEF | LES BURGERS DE PAPA | FRANCE | Restaurants / Chains |
| 12/2025 | YADAV ENTERPRISES | DEL TACO HOLDINGS | UNITED STATES | Restaurants / Chains |
| 12/2025 | B & CAPITAL | GROUPE PARTIR-VISITEURS (GPV) | FRANCE | Tour Operators |
REFERENCES
Revenue 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 FRIENDLY HOTELS GROUP by 123 IM / BPIFRANCE / SMALT CAPITAL are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: smalt capital / bpifrance / 123 im