Press Release
May 18, 2018

Private Equity Fund Equistone V Acquires Karavel-Promovacances Group and FRAM Group

The Paris Private Equity team advised Pan-European private equity fund Equistone V in connection with its acquisition of Karavel-Promovacances Group and FRAM Group (global turnover totaled approximately €507 million). The investment was made alongside the founders of the Karavel-Promovacances Group and other managers of the Karavel-Promovacances Group and FRAM Group.

The deal follows a period of consolidation across the French tourism industry which has been led by large international groups. It will secure the position of both groups as independent tourism businesses operating in France. This is the second time that Equistone has invested in Karavel.

Founded in 2000, Karavel-Promovacances is an online tourism group with more than seven million unique visitors across all of its platforms. The group owns various brands across a number of ranges and segments, including its flagship brand Promovacances as well as ABCroisiere and Partir Pas Cher, among others.

Founded in 1949, FRAM is a tour operator in France with an established brand, providing differentiated package offers including specific holiday services and onsite activities notably under the “Framissima” clubs. It focuses on tours distributed through third-party travel agencies and its network of 40 agencies.

Equistone Partners Europe is an independent investment firm that operates across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams.

The Goodwin team was led by partners Maxence Bloch and William Robert and included partner Marie-Laure Bruneel; counsel Charles-Henri de Gouvion Saint Cyr; and associate Aurélien Diday.

For additional details on the acquisition, please read the press release.