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 company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 300M - 700M 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 11.0x, providing a valuable benchmark for this transaction.

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. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of KARAVEL during the acquisition?

KARAVEL's EBITDA is estimated to be in the range of 50M - 100M EUR. Join our community for free to access complete and exact deal data.

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

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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Historical Financials (EUR)

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2023

Other operations with KARAVEL

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2018	EQUISTONE	KARAVEL	FRANCE	Hospitality & Leisure	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

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

Acquirer: cfj (compagnie financière jousset) / ceres industries capital / montefiore investment