The Carlyle Group takes majority stake in Homair Vacances
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)
Other operations with Homair Vacances
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2014 | HOMAIR VACANCES | EUROCAMP | UNITED KINGDOM | Hotels & Accommodation |
| 02/2006 | MONTEFIORE INVESTMENT | HOMAIR VACANCES | FRANCE | Hotels & Accommodation |
Other operations with The Carlyle Group
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2017 | THE CARLYLE GROUP | ADB SAFEGATE | BELGIUM | Aerospace, Naval & Defense |
| 06/2017 | THE CARLYLE GROUP | IRCA | ITALY | Ingredients |
| 02/2017 | THE CARLYLE GROUP | GOLDEN GOOSE | ITALY | Fashion & Apparel |
| 12/2015 | THE CARLYLE GROUP | PA CONSULTING | UNITED KINGDOM | Strategy & Management |
| 07/2015 | THE CARLYLE GROUP | EVERNEX | FRANCE | MSP (Managed Services) |
| 06/2014 | THE CARLYLE GROUP | EUROPEAN CAMPING GROUP (ECG) | FRANCE | Hotels & Accommodation |
| 04/2014 | PAI PARTNERS / THE CARLYLE GROUP | INNOVISTA (EX CST) | FRANCE | Sensors & Optics |
| 01/2013 | THE CARLYLE GROUP / STONE POINT CAPITAL / PICTET & CIE | DUFF & PHELPS | UNITED STATES | Consulting & Audit |
| 04/2011 | THE CARLYLE GROUP | METROLOGIC GROUP | FRANCE | Supply Chain & Ops |
| 09/2009 | THE CARLYLE GROUP | MARLE GROUP | FRANCE | Implants & Prosthetics |
Similar deals in Hospitality & Leisure
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2014 | INTERVAL LEISURE GROUP | HYATT RESIDENTIAL GROUP | UNITED STATES | Hotels & Accommodation |
| 07/2014 | GOLDEN GATE CAPITAL | RED LOBSTER SEAFOOD | UNITED STATES | Restaurants / Chains |
| 06/2014 | HOMAIR VACANCES | EUROCAMP | UNITED KINGDOM | Hotels & Accommodation |
| 06/2014 | THE CARLYLE GROUP | EUROPEAN CAMPING GROUP (ECG) | FRANCE | Hotels & Accommodation |
| 05/2014 | BAIN CAPITAL | RETAIL ZOO | AUSTRALIA | Restaurants / Chains |
| 01/2014 | CARAVELLE | BELAMBRA CLUBS | FRANCE | Hotels & Accommodation |
| 11/2013 | CALEDONIA INVESTMENTS | PARK HOLIDAYS | UNITED KINGDOM | Hospitality |
| 11/2013 | 3I | BASIC-FIT | NETHERLANDS | Hospitality |
| 10/2013 | VALEDO PARTNERS | JOE & THE JUICE | DENMARK | Restaurants / Chains |
| 09/2013 | CBPE CAPITAL | CÔTE RESTAURANTS | UNITED KINGDOM | Restaurants / 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
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