123 IM, Bpifrance & Smalt Capital invest in Friendly Hotels Group

FRANCE Hospitality & Leisure / Hospitality / Hotels & Accommodation REV €5–25M

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 [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Retail & Consumer sector (11.8x in 2026).

-> 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

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2026

2025

Other operations with 123 IM / Bpifrance / Smalt Capital

Other operations with 123 IM / Bpifrance / Smalt Capital
Date	Acquirer	Target	Country	Sector
04/2024	123 IM	SNOWLEADER	FRANCE	Sport
01/2020	123 IM	SNOWLEADER	FRANCE	Sport

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REFERENCES

Revenue range: REV €5–25M

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

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Friendly Hotels Group, a French company specialised in Hospitality, by 123 IM, Bpifrance and Smalt Capital in 2026, structured as a growth equity investment to support its development.

What was Friendly Hotels Group’s revenue at the time of the deal?

At the time of the transaction, Friendly Hotels Group’s annual revenue was estimated within the €5–25M range (FY 2026). Detailed financial figures are available to members.

How does the valuation of Friendly Hotels Group compare to benchmarks in the Retail & Consumer sector?

Transaction multiples for this specific deal are exclusively reserved for mynth members. Nevertheless, transactions tracked by mynth in this sector reveal an average benchmark multiple of 11.8x EBITDA during 2026.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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