Permira's Vacalians undergoes refinancing

Francesca Veronesi
21 February 2018

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Permira-backed French campsite operator Vacalians has secured a €345m refinancing from a pool of lenders led by Crédit Agricole CIB.

The debt package has a rate of 3.75%, according to Unquote sister publication Debtwire.

This new financing is based on an eight-year term loan B syndicated facility of €195m, maturing in 2024, to refinance part of the existing debt. The average maturity of the group's financing can be extended by around two years.

Additionally, €150m was secured to finance the group's growth. A €60m loan was set up, alongside a €30m revolving credit facility (RCF), available to the group to finance its growth. A further additional RCF and additional capex and acquisition facility, amounting to €60m, have also been arranged.

The €345m of new financing was provided by a syndicate of around 20 banks, led by Crédit Agricole CIB – a third of them are new lenders.

Vacalians previously refinanced its debt in April 2016 in a €211m structured financing operation, according to Debtwire, with a primarily French pool of 13 banks. A spokesperson for Permira told Unquote that the 2016 refinancing had a similar structure to the most recent one, with a €145m term loan B and RCF arranged.

The refinancing will enable the group to support its development in Europe, and to invest in future development for the camping holidays sector, particularly with regard to digital capabilities.

Previous funding
Permira acquired a 75% stake in French campsite operator Vacalians from 21 Partners in Q2 2015, alongside investment firm Proméo Batipart. The remaining 25% stake was held by management, the founding family and Proméo Batipart. The deal was understood to have valued Vacalians at €400m – at the time, the company's debt structure was rolled over, with no fresh leverage arranged.

Company
Formed in 2012 via the merger of Vacances Directes and Village Center, Vacalians is an outdoor accommodation group. The business offers services in 700 destinations across 19 countries in Europe, including 50 campsites operated by the group, 200 partner campsites and 450 network member sites. Headquartered in Sète, Vacalians employs 2,000 professionals and posted €160m in consolidated revenues in 2017.

People
Permira – Benoît Vauchy (partner).