Vatel invests €2.2m in Syracuse MBI

The deal will see former owner Marc Orecchioni, who wholly owned Syracuse, hand the reins of the business over to Jean-Pierre Gori. In addition, Gori, who co-owns another establishment in Corsica, will replace Orecchioni as CEO.

The MBI, which involved no debt, comes as Syracuse prepares to open to customers after recent renovation works. The move is foreseen to take place when the tourism season resumes in 2016.

Vatel financed its €2.2m investment via its seventh and eighth Corsica-focused FIP vehicles. With Syracuse, the former fund has backed six transactions to date while the latter, which is still open to commitments, has been used for two.

Vatel's most recent deal prior to Syracuse saw it score a 22.5% IRR as it sold its 1.5% stake in French aeronautics subcontractor Oceta to corporate AMDP in October.

Company
Located in the Porto-Vecchio bay in south-east Corsica, Royal Beach Syracuse is an establishment covering approximately 6,100 square meters. The business manages facilities including six apartments, one villa, one swimming pool and a private beach.

People
Vatel was co-founded by François Gerber and Marc Meneau, who are the firm's respective chairperson and managing director. Jean-Pierre Gori is CEO at Royal Beach Syracuse.

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• Topics
• Buyouts
• France
• Consumer
• France
• Management Buy-in