Carlyle-backed Homair acquires European Camping Group

Alice Tchernookova
19 August 2016

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Camping holiday specialist Homair, backed by Carlyle since 2014, has acquired Dutch European Camping Group (ECG) in a build-up transaction.

Homair will benefit from ECG's various locations across Europe, and the transaction should help continue the group's international expansion, which started in the late 1990s.

Homair has registered a 30% year-on-year growth between 2006-2014, with its turnover increasing from €20m to €180m. With the acquisition of ECG, the group will have 20,000 mobile homes and tents under management across Europe, compared to 17,000 before.

Carlyle has held a majority stake in the group since 2014, and has been working on the group's international development since. Other recent bolt-on transactions for Homair included the acquisition in 2011 of UK group Thomson Al Fresco from Tui Travel, and that of Cheshire-based Eurocamp from Indian owner Cox & Kings in a £90m deal in 2014. Homair was backed by Montefiore Investment at the time of the second transaction, which doubled the group's size.

Previous funding
In January 2006, Montefiore acquired a majority stake for an undisclosed amount in the group, with BPI France and Unexo as co-investors.

Montefiore then listed the business in 2007, generating a 2x money multiple on its original investment, while Homair raised an extra €32.2m. The GP bought a further 18.44% of Homair via its fund FCPR Montefiore Invesment II through holding company Illiade in 2009.

In May 2012, Naxicap bought a minority stake in the listed business, buying a 40.8% stake in Illiade, which owned 67% of Homair at the time. Montefiore retained a minority stake in Illiade, which it previously fully owned.

In June 2014, the bolt-on of Eurocamp enabled Carlyle to enter the group as controlling shareholder, alongside Montefiore and management. At that point, the company's market cap stood at €70m. Montefiore re-invested into the new structure as part of the transaction.

Homair has since been delisted.

Company
ECG is a Scandinavian/Dutch holding company specialised in camping holidays. It currently owns 1,500 mobile homes and 1,000 luxury tents on various campsites in Italy, France, Croatia and Slovenia, and is based in Waalwijk, the Netherlands.

Based in Aix-en-Provence and founded in 1989 by Daniel Guez, Homair Vacances markets mobile-home vacation trips. Its services include activities and events for kids and adults, such as kids or teen clubs, sporting events and evening entertainment. The group generates €180m of net revenues and also operates via its two subsidiaries Eurocamp and Al Fresco.

People
Carlyle – Jonathan Zafrani (managing director).

Advisers
Vendor – Clearwater International, Andreas Lauth, Jonas Angaard Madsen, Maria Malmborg Christensen (corporate finance).