Apax sells Sandaya to InfraVia

Apax's stake in the French company is understood to be just north of 50%. The deal values the company at around €430m, according to press reports.

The sale ends a five-year holding period for Apax, which acquired a majority stake in Sandaya from Pragma Capital. Apax invested in the business alongside founders François Georges and Xavier Guilbert, as well as minority investors Sofival, BPI France, Societe Generale and Arkéa Capital Investissement. The deal gave the company an enterprise value of around €170m.

Under Apax's ownership, Sandaya tripled its sales, acquired 21 campsites and expanded internationally, primarily in Belgium, Italy and the Netherlands.

Previous funding
Pragma invested in Sandaya 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 2011 and based in Montpellier, Sandaya is a holiday park operator managing 30 campsites across Europe.

Sites are mostly by the sea and offer different accommodation types: cottages, chalets, cabins and bare pitches, as well as a variety of leisure activities and services.

Sandaya realised nearly 60% of its reservations online in 2020 through its digital sales platform.

The company generates annual revenues of around €86m, of which 40% is generated outside France.

People
Apax France – Bruno Candelier (partner). 
Sandaya – François Georges (co-founder, president)
InfraVia – Vincent Levita (founder, CEO).

Advisers
Acquirer – RBC (corporate finance); Weil Gotshal & Manges (legal).
Vendor – Amala Partners (corporate finance); Allen & Overy (legal).

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