04/2018MajorityLBO

Equistone takes majority stake in Karavel

FRANCE Hospitality & Leisure / Travel / Tour Operators EV €100–350M

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.

The acquisition of Karavel is part of the growth strategy of Equistone, which already has several external growth operations under its belt, notably Groupe Bruneau in 2017.

Karavel, which reported an EBITDA margin of [members only] in 2018, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2018

2017

Other operations with Karavel

Other operations with Karavel
Date	Acquirer	Target	Country	Sector
08/2025	MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET)	KARAVEL	FRANCE	Tour Operators

Other operations with Equistone

Other operations with Equistone
Date	Acquirer	Target	Country	Sector
08/2019	EQUISTONE / SAGARD	VULCAIN INGENIERIE	FRANCE	Engineering & Consulting
02/2019	EQUISTONE	COURIR	FRANCE	Sport
07/2017	EQUISTONE	GROUPE BRUNEAU	FRANCE	Office Supplies & Furniture
07/2016	EQUISTONE / GEI	ADISTA	FRANCE	MSP (Managed Services)
01/2016	EQUISTONE	NOVARES	FRANCE	Auto Parts & Systems
12/2015	EQUISTONE	SICAME	FRANCE	Electrical Equipment
04/2014	EQUISTONE	FINAXY	FRANCE	Brokerage
11/2013	EQUISTONE	MADEMOISELLE DESSERTS	FRANCE	Bakery / Pastry
09/2013	EQUISTONE	CHARLES & ALICE	FRANCE	Food Products
08/2010	EQUISTONE	MPS MEAT PROCESSING SYSTEMS	NETHERLANDS	Food & Beverage Lines

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03/2018	APOLLO GLOBAL MANAGEMENT	QDOBA RESTAURANT	UNITED STATES	Restaurants / Chains
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12/2017	PERMIRA	LA PIADINERIA	ITALY	Restaurants / Chains
11/2017	LEONARD GREEN & PARTNERS	PUREGYM	UNITED STATES	Hospitality
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REFERENCES

Valuation range: EV €100–350M

Revenue range: €450–900M

EV/Revenue range: below 1.5x

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.

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Karavel, a French company specialised in Travel, by Equistone in 2018, structured as a leveraged buyout (LBO). Ownership has since evolved, leading to a subsequent transaction with Montefiore Investment / Ceres Industries Capital / CFJ in August 2025 (see the dedicated deal page for details).

How was the acquisition of Karavel by Equistone valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What was Karavel’s revenue at the time of the deal?

At the time of the transaction, Karavel’s annual revenue was estimated within the €450–900M range (FY 2018). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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