M&A Deal Summary

LBO France and CAPZA Acquire Karavel

On May 1, 2011, asset manager LBO France and private equity firm CAPZA acquired consumer services company Karavel from Equistone for 200M EUR

Acquisition Highlights
  • This is LBO France’s 1st and CAPZA’s 2nd transaction in the Consumer Services sector.
  • This is LBO France’s 9th and CAPZA’s largest (disclosed) transaction.
  • This is LBO France’s 40th and CAPZA’s 28th transaction in France.
Investment Fate
  • Karavel was sold to a consortium of financial buyers in 2018.
  • Karavel was sold to a strategic buyer in 2023.

M&A Deal Summary
Date 2011-05-01
Target Karavel
Sector Consumer Services
Buyer(s) LBO France
CAPZA
Sellers(s) Equistone
Deal Type Secondary Buyout
Deal Value 200M EUR

Target

Karavel

Paris, France
Karavel operates as a tour operator and an online travel agency, offering a full range of services including airline tickets, hotel rooms, cruises, and package holidays through multiple online channels which receive over seven million unique visitors each month. Karavel is based in Paris, France.

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Buyer(S) 2

Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.

DEAL STATS #
Overall 47 of 91
Sector (Consumer Services) 1 of 1
Type (Secondary Buyout) 20 of 35
Country (France) 40 of 76
Year (2011) 3 of 5
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-07 Olly Gan

Aix en Provence, France

Olly Gan is a menswear brand and retail network which specializes in ready-to-wear for men aged 35-55, selling both "casual" and "city" clothing. Olly Gan was founded in 1981 and is based in Aix en Provence, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-17 Kooples

Paris, France

Kooples is a clothing brand for men and women, distributed through a network of own shops (60 in France and 10 in the UK) and corners in department stores (80 in France and 6 in the UK). Kooples was founded in 2008 and is based in Paris, France.

Buy -
Buyer

CAPZA

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 9.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CAPZA is a provider of equity and junior capital to small and medium-sized unlisted French companies. CAPZA does not have any sector preferences and looks to invest in companies valued from €20 to €400 million. CAPZA was formed in 2004 and is based in Paris.

DEAL STATS #
Overall 30 of 116
Sector (Consumer Services) 2 of 4
Type (Secondary Buyout) 10 of 34
Country (France) 28 of 101
Year (2011) 3 of 7
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-28 Credirec SA

Paris, France

Credirec is a specialist in the purchase, recovery and management of non-performing loans.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 ECF Group

Grigny, France

ECF Group is a supplier of small equipment, hygiene products, furniture, and heavy equipment for food service professionals. The Group operates in France (with its brands Chomette, Ecotel, Noveo, Cobal and Coldis), Australia (Reward Hospitality), Italy (CHS), and the United Arab Emirates (Restofair). ECF Group founded in 1880 and is based in Grigny, France.

Sell -

Seller(S) 1

SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, England.

DEAL STATS #
Overall 97 of 192
Sector (Consumer Services) 5 of 6
Type (Secondary Buyout) 41 of 91
Country (France) 33 of 60
Year (2011) 6 of 12
Size (of disclosed) 25 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-04-19 The Mill

London, United Kingdom

The Mill Ltd. is the U.K. and U.S. based advertising visual effects group.

Buy £119M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-28 Webhelp S.A.

Paris, France

Webhelp S.A.is a global business process outsourcer (BPO), specializing in customer experience and payment services in addition to sales and marketing services across voice, social and digital channels.

Sell €340M
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