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08/2025MajorityLBO

Montefiore Investment, Ceres Industries Capital & CFJ (Compagnie Financière Jousset) take majority stake in Karavel

FRANCE Hospitality & Leisure / Travel / Tour Operators EV €300–700M

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.

In the past, Karavel was acquired by Equistone in 2018 as part of its expansion strategy.

Karavel, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

-> 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

€300–700M

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€1–10bn
€50–100M
[members only]
2023
€1–10bn
€50–100M
[members only]

Other operations with Karavel

Other operations with Karavel
DateAcquirerTargetCountrySector
04/2018EQUISTONEKARAVELFRANCETour Operators

Other operations with Montefiore Investment / Ceres Industries Capital / CFJ (Compagnie Financière Jousset)

Other operations with Montefiore Investment / Ceres Industries Capital / CFJ (Compagnie Financière Jousset)
DateAcquirerTargetCountrySector
04/2026CERES INDUSTRIES CAPITALSEYNTEXBELGIUMWeaponry & Ammo
01/2026MONTEFIORE INVESTMENT / ACTIVA CAPITALARCHE MC2FRANCEHealthcare
10/2024MONTEFIORE INVESTMENTDEMENEGOITALYOphthalmology
10/2023MONTEFIORE INVESTMENT / BNP PARIBAS DEVELOPPEMENT / SOCIETE GENERALE CAPITAL PARTENAIRES / CARVEST (CRÉDIT AGRICOLE RÉGIONS INVESTISSEMENT)KOESIOFRANCEMSP (Managed Services)
05/2023MONTEFIORE INVESTMENTEXO GROUPITALYFinishing Works
04/2022MONTEFIORE INVESTMENT / PLÉIADE INVESTISSEMENTGENERIX GROUPFRANCESupply Chain & Ops
10/2021MONTEFIORE INVESTMENTNGEFRANCEPublic Works
10/2020MONTEFIORE INVESTMENTGROUPE OPENFRANCEConsulting & Integration
07/2016MONTEFIORE INVESTMENTISABEL MARANTFRANCEFashion & Apparel
11/2007MONTEFIORE INVESTMENTASMODEE GROUPFRANCEConsumer Products

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REFERENCES

Valuation range: EV €300–700M

Revenue range: €1–10bn

EBITDA range: €50–100M

EV/Revenue range: below 1.5x

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 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.

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 Montefiore Investment, Ceres Industries Capital and CFJ in 2025, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in April 2018, when the company was acquired by Equistone.

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

mynth displays the transaction’s enterprise value within the €300–700M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Karavel’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Karavel generated annual revenue estimated in the €1–10bn range and EBITDA in the €50–100M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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