21 Centrale Partners buys Village Center

The investment was finalised at the end of July.

The GP created a new holding company combining Village Center with its portfolio company Vacances directes. It told unquote" that both brands will keep operating independently, with regards to both their activities and management teams. 21 Centrale will hold a majority stake in the enlarged group alongside some existing Promeo shareholders.

The deal was initiated by Promeo, as the company wanted to sell its camping business. It attracted a number of private equity bidders – 21 Centrale's offer of a strategic partnership convinced the vendor after the second round of negotiations. The GP plans to expand the new group on the European market.

Debt
The existing debt structures of both companies will stay in place, in addition to €37m of mezzanine funding being provided by AXA Private Equity and Capzanine. Village Center has a debt pool arranged by Credit Agricole while BNP Paribas is Vacances directes' lead debt provider.

Company
Village Center Group operates outdoor accommodation on campsites and sells mobile homes. It consists of companies Village Center Loisirs, Kawan Group and Le Gain. Combined with Vacances directes, the new business will offer a total of 13,500 mobile homes and 20,500 camping plots on 38 campsites under management.

The group will have a turnover of around €100m, 70% of which can be attributed to Village Center.

Village Center is headquartered in Sète. It employs around 300 permanent staff and an additional 600 people during the high season. The camping activity was founded in 2003.

People
Benoît Fuchs, Jacques Rossignol and associate Corentin Lacourte worked on the deal for 21 Centrale.

Advisers
Equity – Leonardo & Co (M&A).

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