A 40% stake in Eurocamp owner European Camping Group is being acquired by the Ontario Teachers’ Pension Plan for an undisclosed sum.
Two private funds are cashing in on the trend for upmarket camping with a sale valuing the business at about €700 million, The Times reports today.
US private equity group Carlyle and Paris-based Montefiore Investment will maintain majority control over the French company.
European Camping Group, which runs 20,000 mainly mobile homes in France, Spain, Italy and Croatia, generated revenues of €230 million last year.
Carlyle Europe Partners managing director Jonathan Zafrani said: “Since Carlyle’s investment in ECG in 2014, the company has tripled in size, most notably through acquisitions in the UK, The Netherlands and France, and also through digital investments and by setting up its direct reservations platform.
“We are confident in the management team’s capacity to maintain this positive momentum and we are equally delighted to welcome Ontario Teachers’ alongside us for this next chapter in ECG’s growth.”
Ontario Teachers’ senior managing director, international Jo Taylor, said: ”We have been impressed with the calibre of the senior team at ECG, which has generated strong annual growth of 25% over the last 10 years by providing affordable, high quality family holidays in excellent locations in France, Spain, Italy and Croatia.
“We look forward to working with ECG’s existing shareholders – Carlyle and Montefiore – as well as ECG’s management team to help leverage the company’s market position and plans for growth through consolidation.
“Ontario Teachers’, which manages C$31.9 billion in private equity globally, is an experienced investor across Europe, including France.
“Our partnership with ECG is an example of our ability to respond quickly and decisively to investment opportunities where flexible or follow-up capital is required.”