At what enterprise value was KARAVEL acquired in 2018?

During the acquisition of KARAVEL by EQUISTONE in 2018, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KARAVEL when it was acquired by EQUISTONE?

The exact EV/EBITDA multiple for KARAVEL is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.4x. Join our community for free to access full valuation data and industry trends.

When was KARAVEL acquired by EQUISTONE?

KARAVEL was acquired by EQUISTONE in 2018.

What was the revenue of KARAVEL at the time of the deal?

The revenue of KARAVEL at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the KARAVEL acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the KARAVEL deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.equistone.fr/investments/karavel-group/

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Home Database Retail & ConsumerKARAVEL

04/2018

KARAVEL

Acquired by

EQUISTONE

FRANCE Hospitality & Leisure / Travel / Tour Operators EV 100M - 350M EUR

KARAVEL acquired by EQUISTONE

FRANCE Hospitality & Leisure / Travel / Tour Operators EV 100M - 350M EUR

Context

Equistone Partners Europe finalized the acquisition of a majority stake in the Karavel-Promovacances and Fram groups from LBO France. The transaction was structured through a €30 million investment, providing the group with the strategic liquidity required to complete its financial recovery. This transaction represents a strategic transition from one financial sponsor to another, avoiding a trade sale to an industrial giant that might have triggered heavy restructuring. The deal involves significant management reinvestment, with the co-founders and CFO maintaining a key role in the capital structure. The primary objective is to complete Fram’s financial recovery and celebrate its 70th anniversary in 2019 with a return to profitability. At the acquisition date, the combined entities represented a turnover of €507 million.

KARAVEL, which reported an EBITDA margin of LOGIN in 2018, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Founded in 2001, Karavel is a pioneering French e-tourism group and a leader in the holiday package market. The company operates a multi-channel model through three major platforms: Promovacances (web-native discount travel), FRAM (historic tour operator brand), and ABcroisières (cruise specialist). With a network of 170 physical agencies and nearly 1,000 employees, the group serves approximately one million customers annually. Its value proposition centers on offering a wide range of discounted travel deals, club resorts, and organized tours. Strategically, Karavel has successfully integrated digital agility with a strong physical footprint

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Other operations with KARAVEL

Date	Acquirer	Target	Country	Sector	Deal Context
08/2025	MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET)	KARAVEL	FRANCE	Hospitality & Leisure	Founded in 2001, Karavel is a pioneering French e-tourism group and a leader in the holiday package market. The company operates a multi-channel model through three major platforms: Promovacances (web-native discount travel), FRAM (historic tour operator brand), and ABcroisières (cruise specialist). With a network of 170 physical agencies and nearly 1,000 employees, the group serves approximately one million customers annually. Its value proposition centers on offering a wide range of discounted travel deals, club resorts, and organized tours. Strategically, Karavel has successfully integrated digital agility with a strong physical footprint

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 450M - 900M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KARAVEL by EQUISTONE are reserved for mynth community members. Register for free to unlock full data.

Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: equistone