At what enterprise value was KARAVEL acquired in 2018?

During the acquisition of KARAVEL by EQUISTONE in 2018, the transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR.

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.

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

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 in 2018, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

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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

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
08/2025	MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET)	KARAVEL	FRANCE	Tour Operators

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: equistone