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07/2022

VACANCESELECT acquired by EUROPEAN CAMPING GROUP (ECG)

FRANCE Hospitality & Leisure / Hospitality / Hotels & Accommodation EV €1–10bn

Context

Less than a year after being acquired by PAI Partners, European Camping Group (Homair, Eurocamp, Roan) absorbed its direct competitor, Vacanceselect. This transaction allowed ECG to double its revenue and become the #3 European leader in the sector. The combined entity manages 45,000 mobile homes across 400 campsites, 100 of which are directly owned. The merger significantly increased ECG's "Prop-Co" footprint and marked a successful exit for Permira after 7 years of ownership.

It is worth noting that the fund Permira took control of Vacanceselect through an LBO in 2015.

VACANCESELECT, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a premium to the average currently observed in the Retail & Consumer sector (11.9x).

-> Deep-dive in Retail & Consumer market trends

Target

Vacanceselect is a major European player in the campsite sector, formed by the 2018 merger between Vacalians and the Dutch group Vacanceselect. The group is characterized by its strong "Prop-Co" (Property Company) model, owning roughly 60 campsites outright. It operates a diverse portfolio of brands offering mobile-home rentals and pitch allotments across high-demand tourist zones in Southern Europe.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2020
€250–500M
€50–100M
[members only]
2019
€250–500M
€50–100M
[members only]

Other operations with VACANCESELECT

Other operations with VACANCESELECT

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
05/2015PERMIRAVACANCESELECTFRANCEHotels & Accommodation

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €250–500M

EBITDA range: €50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VACANCESELECT by EUROPEAN CAMPING GROUP (ECG) 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.

Press release: view release

Target: vacanceselect

Acquirer: european camping group (ecg)