21 Centrale acquires Vacances Directes

Acto backed the OBO of Vacances Directes in 2006 and has now exited the business. A banking syndicate comprising BNP Paribas, Crédit Agricole, Société Générale and Banque Populaire de l'Ouest arranged a senior debt package. Capzanine provided mezzanine financing.

Equity was drawn from the 21 Centrale Partners IV vehicle, which closed on €380m in 2011.

The buyer was attracted by the high visibility and recurring revenues prevalent in the company's market. Vacances Directes will now accelerate its strategy of organic growth. Targeted build-ups will also be considered.

Previous funding
Since the 2006 OBO, Acto helped Vacances Directes improve its operations, by strengthening the management team and the company's reporting methods. Growth was driven by the expansion of the rental fleet and the acquisition of several campsites.

Company
Established in 1976, Vacances Directes acts as both a provider of vacation packages and also rents out a fleet of 5,500 mobile homes across 128 campsites. Operating out of France, Italy and Spain, the company employs around 40 full-time staff and 296 temporary workers. It generates revenues in excess of €30m.

People
Gérard Pluvinet led the deal for 21 Centrale. Jean-Marc Sceo and Nicolas Beaugendre represented Acto. Benoit Fuchs is chairman of Vacances Directes.

Advisers
Equity – De Pardieu Brocas Maffei, Jean-François Pourdieu, Alexandre Blestel, Sandra Benhaim, Corentin Coatelem (Legal); Ernst & Young, Philippe Blanadet, Gilles Marchadier, Jean-Daniel Oltz, Nicolas Badier (IT & financial due diligence); Jean-Christophe Sabourin, Fabrice Naftalski, Anne-Elisabeth Combes, Sylvie Magnen (Legal, tax); Arthur D Little, Franck Herbaux, Paul Desjonquères (Commercial due diligence); Oddo Corporate Finance, Franck Ceddaha, Stéphane Benouaich (M&A).
Vendor – BNP Paribas, Hervé Bodin, Alexandre Bault, Sébastien Litteri (M&A); Willkie Farr & Gallagher, Christophe Garaud, Xavier Doumen (Legal).
Debt – Hogan Lovells, Sabine Bironneau (Legal).
Mezzanine – Frieh Bouhenic, Maud Manon (Legal).
Management – DS Avocats, Arnaud Langlais, Christophe Billet (Legal); Wagram Corporate Finance, Bruce Bolleau, Baptiste Sander (Corporate finance).

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• 21 Centrale Partners
• Secondary buyout