Permira to exit Vacanceselect to PAI-backed European Camping Group

The France-headquartered campsites operator will pay nearly EUR 1bn for the camping and outdoor accommodations business formerly known as Vacalians, French newspaper L'Agefi reported citing various sources. The merger will create a combined turnover of EUR 600m, shared fundamentals and a fleet of 46,000 mobile homes, according to the French-speaking report. Siblu, a Naxicap-backed industry player, was identified in the report as a possible acquisition target of ECG in the context of a consolidating industry.

Permira acquired the business via Permira V in May 2015 from 21 Invest in a EUR 400m deal, according to Unquote Data. The fund held its final close on its hard-cap of EUR 5.3bn. Under the Permira funds’ ownership, the company has more than doubled in size through a combination of portfolio expansion, from 45 to 65 owned campsites, significant investment in the premiumisation of its sites, and the expansion and increased ownership of its distribution across all key European markets.

The combination of ECG and Vacanceselect creates the number three player in Europe and the number one in France, in the outdoor accommodation space, with approximately 10% market share in Europe and offering more than 400 destinations to clients, according to a press release. ECG, known for its brands Homair Vacances, Eurocamp, Roan and Marvilla, operates a fleet of over 22,000 units, mostly mobile homes, across more than 310 premium campsites located in destinations such as France, Italy, Spain and Croatia, according to the press release.

PAI Partners acquired ECG from Carlyle Group, Montefiore Investment, and Ontario Teachers' Pension Plan (OTPP) via its PAI Europe VII fund in September 2021, according to Unquote Data. The fund held a final close in March 2018 on EUR 5bn and deploys equity tickets of EUR 150m-EUR 400m, backing European businesses with enterprise values of EUR 300m-EUR 1.5bn. The company was given an enterprise value in the EUR 700m-EUR 730m range, corresponding to an EBITDA multiple of 10x, as reported. The French domestic press reported last year that ECG's EUR 700m acquisition by PAI Partners was backed by an Ares unitranche and marked the exit of The Carlyle Group, OTPP and Montefiore.

Since acquiring ECG, PAI Partners has been working closely with the management team to continue the company’s expansion through both organic growth and M&A, according to a press release. Vacanceselect is a transformational acquisition for ECG, allowing it to accelerate this growth trajectory, solidifying its business model and enhancing its premium value proposition.

Company
Headquartered in Montpellier, France, Vacanceselect is present in the open-air hotel industry with over 270 campsites, operating across three core businesses, distribution, stay and services. The group offers a wide range of services of more than 700 campsites, including 65 owned campsites, in 13 countries and covers outbound markets, such as France and Northern Europe, and key inbound markets, including France, Spain, Portugal, Italy and Croatia. It operates 22,000 mobile-homes under the Tohapi and Vacanceselect brands.

People
ECG − Alain Calmé (president); Philippe de Trémiolles (managing director).
PAI − Bertrand Monier (partner).
Permira − Benoit Vauchy (partner).

Advisers
PAI Partners − Rothschild & Co, BNP Paribas (M&A); Shearman & Sterling (legal); Clifford Chance (antitrust), PwC (financial); Roland Berger and Kearney (commercial and operations); Mayer Brown (tax).
Permira − Amala Partners (M&A), Clifford Chance (legal), PwC (financial).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• Permira
• PAI Partners
• France