BPI France, BNP Paribas invest €23m in Algonquin

The investment was led by BPI France. As a result of the transaction, BPI and BNP Paribas become minority shareholders in the group via the holdco Algonquin SA. Company founder Jean-Philippe Chomette remains majority owner, while the management team led by CEO Frederic de Brem and managing director Stephane Obadia also hold a stake in the group.

With BPI and BNP Paribas's support, the group will mainly look to pursue its international development, planning to expand into new territories such as Czech Republic and Spain, and to reinforce its position in countries where it is already present, including Italy, Belgium, Poland, the UK and Germany.

Algonquin aims to make at least three new investments per year, and would like to grow its total assets under management from €1.5bn to at least €2bn by 2020.

Company
Algonquin was founded in 1998 as a hotel manager and investor, investing in hotels and directly managing them.

The group identifies investment opportunities and underwrites acquisitions through the creation of dedicated hotel ventures with different investment partners. Algonquin offers co-investment opportunities to family offices, private equity firms and institutional investors, while investing from its own balance sheet. Private equity co-investors currently include 123 Venture, KKR, Extendam, Walton Street Capital and Benson Elliot.

Algonquin currently has 41 three-to-five-star hotels under management across Europe, representing €1.5bn's worth of assets. Half of these hotels are managed through Algonquin's own brands or franchises, while the other half is operated under management agreements, leases or managed lease agreements by international operators. Its headquarters are spread between London, Brussels and Paris.

People
BPI France – José Gonzalo (executive director); Stanislas Panhard, Louis Robert (vice-presidents); Alexis Bisson (investment analyst); Sophie Paquin (director legal analysis).
BNP Paribas Développement – Benoît Picart, Anne de Sousa (investment directors).

Advisers
Company – Arago, Jean-Jacques Pujol, René Armilhon (legal).
Equity – Lacourte Raquin Tatar, Serge Tatar, Najwa Annan, Lola Graglia (legal); KPMG, Mohamed Macaigne (financial due diligence, tax); CJA, Mustapha Oussedrat (tax, environmental due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• France
• UK / Ireland
• Benelux
• Financials
• France
• Belgium
• BPI France
• BNP Paribas