Apax acquires Sandaya from Pragma Capital

Alice Tchernookova
18 May 2016

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Apax France is set to acquire French outdoor accommodation group Sandaya from previous owner Pragma Capital in an SBO.

Apax, which will become the new majority shareholder, is investing alongside founders François Georges and Xavier Guilbert, as well as minority investors Sofival, BPI France, Societe Generale and Arkéa Capital Investissement. The transaction is expected to close before the end of May.

The deal value remains undisclosed, but a source close to the deal at Apax told unquote" it was within the €100-250m bracket. The same source added Apax's stake in Sandaya was slightly in excess of 50%.

With the support of Apax, Sandaya will aim to step up its development in France and across Europe. Apax and the co-investors will provide a €150m envelope to the group, comprising both equity and debt, which will be used to acquire more four- and five-star camping grounds, reinforcing the brand name and homogenising the group. The same source at Apax told unquote" the group would aim to at least double its size within the next four to five years.

Pragma had invested in Sandaya at inception in 2010, acquiring more than 75% of the capital with a commitment in excess of €30m. It invested through its Pragma II fund, alongside 123 Ventures.

Company
Founded in 2010 in south-east France, Sandaya is an outdoor accommodation group with 11 four- and five-star camping grounds of more than 300 pitches each in France and Spain. Sites are mostly on the seashore and offer different accommodation types: cottages, chalets, cabins and bare pitches, as well as a variety of leisure activities and services. Based in Clapiers, near Montpellier, Sandaya employs up to 500 people during the high season.

The company was founded by François Georges, CEO of Groupe Acapace, in partnership with Xavier Guilbert and with the financial support of Pragma. The group was built up through a series of acquisitions and has added three new sites since the start of this year.

Sandaya's recorded turnover for 2014 was €21m.

People
Apax Partners – Bruno Candelier (partner); Thomas Simon (senior principal/director), Julien Birman (senior associate).
Pragma Capital – Christophe Ramoisy (partner); Daniel Einhorn (associate).
Arkea Capital investissement – Cyril Miller (regional director).
BPI France – José Gonzalo (managing director equity and mezzanine investments); Serge Bedrossian (investment director), Philippe Vuarchex (investment manager mid- and large-cap); Edwige Kharoubi (senior jurist/ in-house legal counsel).
Societe Generale Capital Partenaires – Thomas Geneton (director private equity); Morgane Proux (private equity analyst).

Advisers
Equity – Lazard, Nicolas Constant, François Guichot-Pérère, Jean-Philippe Bescond (M&A); Allen & Overy, Marc Castagnède, Romy Richter, Jules Lecoeur (legal); Arsène Taxand, Denis Andres, Yoann Chemama (tax); Advancy, Eric de Bettignies, Quang Thai (commercial due diligence); Deloitte, Vincent Batlle, Bettina Denis (financial due diligence);LexCase, Guillaume Pierson, Sébastien Semoun (legal).
Vendor – Natixis Partners, Jean-Baptiste Marchand, Philippe Charbonnier, Jérôme Vivien, Antoine de Boissoudy (M&A); Wil Consulting, Jacques Ittah (M&A); Weil Gotshal & Manges, Frédéric Cazals, Aude Martin-Ledoux (legal); Eight Advisory, Stéphane Vanbergue (financial due diligence).
Company – Desfilis, Philippe Rosenpick, Isabelle Buffard, Guillaume Giuliani, Valérie Colin-Simon (legal); Baker & McKenzie, Véronique Millischer, Stéphane Taïeb (tax); Deloitte, André Claes (tax).