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12/2015100%LBO

Groupe B&B Hotels acquired by PAI Partners

FRANCE Hospitality & Leisure / Hospitality / Hotels & Accommodation EV €500M–1.5bn

Context

PAI Partners entered into exclusive negotiations with The Carlyle Group and Montefiore Investment to acquire 100% of the B&B Hotels Group alongside the existing management team. The transaction was funded by PAI Europe VI. The strategic rationale for PAI is to capitalize on one of the most highly valued brands in the European hospitality industry to accelerate the pace of hotel openings both in Europe and internationally. For Carlyle and Montefiore, this exit marks the conclusion of a significant value-creation cycle that transformed B&B into a truly pan-European platform. The transaction aims to provide B&B with the institutional support required for its next phase of global expansion while ensuring leadership continuity under CEO Georges Sampeur.

Groupe B&B Hotels, which reported an EBITDA margin of [members only] in 2016, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, to compare with the average currently observed in the Retail & Consumer sector (11.8x in 2026).

-> Deep-dive in Retail & Consumer market trends

Target

Founded in 1990, B&B Hotels is a leading independent economy hotel chain. The company’s business model is based on an "écono-chic" concept, offering high-quality essential services (bedding, Wi-Fi, breakfast) at a moderate price point for both business and leisure travelers. Its value proposition centers on a standardized guest experience with an optimized cost structure, which has earned the group multiple awards for design and innovation. Strategically, as of September 30, 2015, the group operated a platform of 343 hotels and over 28,500 rooms across seven countries: France, Germany, Italy, Spain, Poland, the Czech Republic, and Morocco. B&B has established itself as a European benchmark in the budget hospitality sector through disciplined international expansion and a strong, functional brand identity.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2016
[members only]
€50–100M
[members only]
2015
[members only]
€50–100M
[members only]

Other operations with Groupe B&B Hotels

Other operations with Groupe B&B Hotels
DateAcquirerTargetCountrySector
05/2019GOLDMAN SACHSGROUPE B&B HOTELSFRANCEHotels & Accommodation

Other operations with PAI Partners

Other operations with PAI Partners
DateAcquirerTargetCountrySector
06/2026PAI PARTNERSARLETTIEFRANCESpecialized Retail
05/2026PAI PARTNERSMECAER AVIATION GROUPITALYEngines & Systems
10/2025PAI PARTNERS / ADIAFRONERIUNITED KINGDOMFood Products
10/2025PAI PARTNERSCYRUSFRANCEWealth & Asset Management
08/2025PAI PARTNERSINNOVAD GROUPBELGIUMAnimal Health
01/2025PAI PARTNERS / ADIAALVESTFRANCEAerospace, Naval & Defense
03/2024PAI PARTNERSBEAUTYNOVAITALYHygiene & Beauty Brands
07/2023PAI PARTNERSINFRA GROUPBELGIUMIT Services
06/2023PAI PARTNERSECF GROUPFRANCEHospitality Supplies
05/2023PAI PARTNERSLOOPING GROUPFRANCELeisure Facilities

Similar deals in Hospitality & Leisure

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DateAcquirerTargetCountrySector
04/2016APHEON / BPIFRANCELOOPING GROUPFRANCELeisure Facilities
04/2016ACCOR HOTELSONEFINESTAYUNITED KINGDOMHotels & Accommodation
11/2015BC PARTNERSCIGIERREITALYRestaurants / Chains
09/2015ICGCOURTEPAILLEFRANCERestaurants / Chains
07/2015STIRLING SQUARE CAPITALSIBLU VILLAGESFRANCEHotels & Accommodation
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12/2014BRIDGEPOINTAZZURRI GROUPUNITED KINGDOMRestaurants / Chains
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10/2014INTERVAL LEISURE GROUPHYATT RESIDENTIAL GROUPUNITED STATESHotels & Accommodation

REFERENCES

Valuation range: EV €500M–1.5bn

EBITDA range: €50–100M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Groupe B&B Hotels by PAI Partners 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.

Press release: view release

Target: groupe b&b hotels

Acquirer: pai partners

FAQ

What transaction does this page cover?

This page covers PAI Partners’s acquisition of 100% of Groupe B&B Hotels, a French company specialised in Hospitality, in 2015, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Goldman Sachs in May 2019 (see the dedicated deal page for details).

How was the acquisition of Groupe B&B Hotels by PAI Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band and its EV/EBITDA multiple within the 10x - 18x range. Exact figures are available to members.

What was Groupe B&B Hotels’s EBITDA at the time of the deal?

At the time of the transaction, Groupe B&B Hotels’s EBITDA was estimated within the €50–100M bracket (FY 2016). Detailed financial figures are available to members.

How does the valuation of Groupe B&B Hotels compare to benchmarks in the Retail & Consumer sector?

With an estimated valuation multiple in the range of 10x - 18x in 2015, the transaction reflects historical valuation standards. By way of comparison, in 2026 companies in the Retail & Consumer sector are valued at a multiple of 11.8x EBITDA.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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