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M&A

HOMAIR VACANCES

Acquired by

MONTEFIORE INVESTMENT

FRANCE Hospitality & Leisure REV [1m EUR - 100m EUR] 02/2006

Target

HOMAIR VACANCES

Acquirer

MONTEFIORE INVESTMENT

Context

Initiating a long-term institutional transformation, this transaction sees Montefiore Investment take a controlling stake in Homair Vacances to support its primary development phase. The strategic rationale for the deal centers on the industrialization of the mobile-home rental model, moving the company beyond its artisanal roots toward a market-leading position in the "outdoor hotel" segment. At the time of entry, the group operates a modest fleet, and the partnership is designed to provide the financial stability and structural expertise required to aggressively expand the number of managed pitches across France. The investment coincides with a period of rising consumer interest in "value-for-money" domestic tourism, allowing the group to capitalize on the recurring cash-flow profile typical of standardized leisure facilities.

Target

Homair Vacances is a European leader in the outdoor hospitality and mobile-home holiday sector. The company operates as a vertically integrated platform, managing a vast portfolio of upscale campsites and high-quality mobile-home accommodations across key tourist destinations, including France, Italy, and Spain. Its business model, often described as "glamping" (glamour camping), focuses on providing "Club Med-style" outdoor experiences, combining the freedom of camping with premium services, water parks, and organized entertainment. Following the strategic integration of the British operator Eurocamp, the group has significantly expanded its distribution network and international customer base, particularly in Northern Europe and the UK. The company manages approximately 17,000 accommodation units across nearly 300 destinations. Strategically, Homair leverages a robust online reservation platform and a mix of owned sites and partner campsites to maintain its dominant position in the fragmented European outdoor accommodation market.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

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EBITDA
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2006
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2005
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Other operations with HOMAIR VACANCES

DateAcquirerTargetCountrySectorTarget Description
06/2014HOMAIR VACANCESEUROCAMPUNITED KINGDOM
Hospitality & Leisure

Founded in 1973, Eurocamp is a premier British tour operator specializing in self-catering outdoor holidays across Europe. The company operates a high-quality fleet of approximately 7,000 mobile homes and 1,500 luxury tents situated in 170 prime campsite locations. Eurocamp is renowned for its strong brand equity and deep penetration into the United Kingdom and Northern European markets, where it serves as a "top-of-mind" provider for family vacations. Its business model relies on long-term partnerships with independent campsite owners, offering curated outdoor experiences with dedicated on-site customer service. Strategically, the company bridges the gap between traditional camping and professional hospitality, maintaining a high-loyalty customer base through its extensive distribution network and focus on high-traffic tourist destinations in France, Italy, and Spain.

06/2014THE CARLYLE GROUPHOMAIR VACANCESFRANCE
Hospitality & Leisure

Homair Vacances is a European leader in the outdoor hospitality and mobile-home holiday sector. The company operates as a vertically integrated platform, managing a vast portfolio of upscale campsites and high-quality mobile-home accommodations across key tourist destinations, including France, Italy, and Spain. Its business model, often described as "glamping" (glamour camping), focuses on providing "Club Med-style" outdoor experiences, combining the freedom of camping with premium services, water parks, and organized entertainment. Following the strategic integration of the British operator Eurocamp, the group has significantly expanded its distribution network and international customer base, particularly in Northern Europe and the UK. The company manages approximately 17,000 accommodation units across nearly 300 destinations. Strategically, Homair leverages a robust online reservation platform and a mix of owned sites and partner campsites to maintain its dominant position in the fragmented European outdoor accommodation market.