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06/2014MajorityLBO

The Carlyle Group takes majority stake in Homair Vacances

FRANCE Hospitality & Leisure / Hospitality / Hotels & Accommodation EV €300–700M

Context

The entry of The Carlyle Group as the new controlling shareholder of Homair Vacances marks the accelerating the consolidation of the fragmented European outdoor hospitality market. The operation is strategically synchronized with the simultaneous merger of the British competitor Eurocamp, a move that immediately doubles the group's operational scale and distribution capabilities. This industrial shift follows an eight-year value creation cycle under Montefiore Investment, which saw the target transition from a domestic specialist to a european leader. The current partnership is designed to provide the massive financial resources required to export the "glamping" concept across new Mediterranean and Northern European territories. By focusing on premium site-specific services and a modernized digital booking ecosystem, the investors aim to capture the rising "value-for-money" tourism trend that favors high-yield outdoor assets over traditional hospitality infrastructure. While the new sponsor takes the lead, the previous majority owner maintains a significant minority stake to ensure management continuity and leverage its historical expertise in the sector. This secondary LBO highlights a broader trend of institutional capital professionalizing the leisure facility industry, aiming for superior margins through the institutionalization of mobile-home holiday management and international brand reinforcement.

In the past, Homair Vacances was acquired by Montefiore Investment in 2006 as part of its expansion strategy.

Homair Vacances, which reported an EBITDA margin of [members only] in 2014, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2014
€100–200M
€25–50M
[members only]
2013
€100–200M
€25–50M
[members only]

Other operations with Homair Vacances

Other operations with Homair Vacances
DateAcquirerTargetCountrySector
06/2014HOMAIR VACANCESEUROCAMPUNITED KINGDOMHotels & Accommodation
02/2006MONTEFIORE INVESTMENTHOMAIR VACANCESFRANCEHotels & Accommodation

Other operations with The Carlyle Group

Other operations with The Carlyle Group
DateAcquirerTargetCountrySector
07/2017THE CARLYLE GROUPADB SAFEGATEBELGIUMAerospace, Naval & Defense
06/2017THE CARLYLE GROUPIRCAITALYIngredients
02/2017THE CARLYLE GROUPGOLDEN GOOSEITALYFashion & Apparel
12/2015THE CARLYLE GROUPPA CONSULTINGUNITED KINGDOMStrategy & Management
07/2015THE CARLYLE GROUPEVERNEXFRANCEMSP (Managed Services)
06/2014THE CARLYLE GROUPEUROPEAN CAMPING GROUP (ECG)FRANCEHotels & Accommodation
04/2014PAI PARTNERS / THE CARLYLE GROUPINNOVISTA (EX CST)FRANCESensors & Optics
01/2013THE CARLYLE GROUP / STONE POINT CAPITAL / PICTET & CIEDUFF & PHELPSUNITED STATESConsulting & Audit
04/2011THE CARLYLE GROUPMETROLOGIC GROUPFRANCESupply Chain & Ops
09/2009THE CARLYLE GROUPMARLE GROUPFRANCEImplants & Prosthetics

Similar deals in Hospitality & Leisure

Similar deals in Hospitality & Leisure
DateAcquirerTargetCountrySector
10/2014INTERVAL LEISURE GROUPHYATT RESIDENTIAL GROUPUNITED STATESHotels & Accommodation
07/2014GOLDEN GATE CAPITALRED LOBSTER SEAFOODUNITED STATESRestaurants / Chains
06/2014HOMAIR VACANCESEUROCAMPUNITED KINGDOMHotels & Accommodation
06/2014THE CARLYLE GROUPEUROPEAN CAMPING GROUP (ECG)FRANCEHotels & Accommodation
05/2014BAIN CAPITALRETAIL ZOOAUSTRALIARestaurants / Chains
01/2014CARAVELLEBELAMBRA CLUBSFRANCEHotels & Accommodation
11/2013CALEDONIA INVESTMENTSPARK HOLIDAYSUNITED KINGDOMHospitality
11/20133IBASIC-FITNETHERLANDSHospitality
10/2013VALEDO PARTNERSJOE & THE JUICEDENMARKRestaurants / Chains
09/2013CBPE CAPITALCÔTE RESTAURANTSUNITED KINGDOMRestaurants / Chains

REFERENCES

Valuation range: EV €300–700M

Revenue range: €100–200M

EBITDA range: €25–50M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Homair Vacances by The Carlyle Group 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.

Target: homair vacances

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Homair Vacances, a French company specialised in Hospitality, by The Carlyle Group in 2014, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in February 2006, when the company was acquired by Montefiore Investment.

How was the acquisition of Homair Vacances by The Carlyle Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Homair Vacances’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Homair Vacances generated annual revenue estimated in the €100–200M range and EBITDA in the €25–50M bracket (FY 2014). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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