At what enterprise value was KARAVEL acquired in 2025?

During the acquisition of KARAVEL by MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET) in 2025, the transaction's Enterprise Value is estimated to be in the range of 300M - 700M EUR.

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 750M - 1.3b EUR.

What was the EBITDA of KARAVEL during the acquisition?

KARAVEL's EBITDA is estimated to be in the range of 50M - 100M 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/montefiore-investment-ceres-industries-capital-and-cfj-compagnie-financiere-jousset-enter-into-exclusive-negotiations-with-equistone-for-the-acquisition-of-karavel-groupe/

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Home Database Retail & ConsumerKARAVEL

08/2025

KARAVEL acquired by MONTEFIORE INVESTMENT, CERES INDUSTRIES CAPITAL & CFJ (COMPAGNIE FINANCIÈRE JOUSSET)

FRANCE Hospitality & Leisure / Travel / Tour Operators EV 300M - 700M EUR

Context

A consortium led by Montefiore Investment has entered exclusive negotiations to acquire a majority stake in Karavel Groupe from Equistone Partners Europe. Financing for the deal is supported by a unitranche debt facility provided by Arcmont Asset Management and Alpha Wave Global. Management, led by Cyrille Fradin and Folco Aloisi, will retain a significant equity stake. This deal follows a seven-year holding period by Equistone, during which the group survived the COVID-19 pandemic thanks to a €30M equity injection. The strategic goal of this new chapter is to bolster Karavel’s key assets, pursue an active M&A strategy, and internationalize its customer base.

It is worth noting that the fund Equistone took control of Karavel through an LBO in 2018.

KARAVEL, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.0x).

-> Deep-dive in Retail & Consumer market trends

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

Equity Value

Multiples

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EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

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2024

2023

Other operations with KARAVEL

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
04/2018	EQUISTONE	KARAVEL	FRANCE	Tour Operators

REFERENCES

Valuation range: EV 300M - 700M EUR

Revenue range: 750M - 1.3b EUR

EBITDA range: 50M - 100M 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 MONTEFIORE INVESTMENT / CERES INDUSTRIES CAPITAL / CFJ (COMPAGNIE FINANCIÈRE JOUSSET) 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: cfj (compagnie financière jousset) / ceres industries capital / montefiore investment