2023-12-05 08:36:32
The French group, launched in 2000, was majority-owned since 2018 by the investment fund Equistone, following having belonged to the management company LBO France.
The diversified Adnec group, a subsidiary of one of Abu Dhabi’s major sovereign wealth funds, announced this Tuesday the acquisition of the French tour operator Karavel (Fram, Promovacances), for an undisclosed amount, according to a press release.
“Karavel is one of the largest tourist groups in France, which offers organized trips in the Europe, Middle East and Africa (EMEA) region thanks to its website and its network of physical agencies,” highlights Adnec , which describes itself as “an international leader in the field of business and leisure tourism”.
Karavel – which owns the Promovacances, Fram, PartirPasCher, ecotour, abcroisière, Promocroisière brands – indicates on its website that it has a total of 150 travel agencies for a thousand employees, and takes 600,000 people to travel each year.
The French group, launched in 2000, was majority-owned since 2018 by the investment fund Equistone, following having belonged to the management company LBO France.
“Promising opportunities”
“This acquisition reflects the active implementation of Adnec’s geographic diversification strategy within its key sectors. This will strengthen the group’s international expansion while stimulating Karavel’s growth and expansion into new markets,” highlights the Emirati group.
Adnec has a broad portfolio bringing together various sectors such as hotels, restaurants, services, events, tourism and media.
“Karavel will join the Adnec Group tourism portfolio, which includes Tourism365 and its subsidiaries Capital Experience, Capital Travel, Capital Holidays, Etihad Holidays and Capital Drive,” the press release said.
“The opportunities offered by our integration into the Adnec group are promising,” underlines Alain de Mendonça, co-founder of Karavel, who talks regarding “building a tourism brand that forges a link between Europe and Abu Dhabi.”
The finalization of the operation “remains subject to the approval of regulatory authorities and the usual closing conditions”, it is indicated.
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