LBO France takes control of FRAM, the leading operator of mass-market holiday tours founded in 1949, following a decision from the commercial court in Toulouse issued on November 25, 2015.
The transaction was conducted as part of a ‘pre-packaged insolvency’ procedure, used for the second time only in France.
FRAM operations will be supported by Promovacances-Karavel, in which LBO France owns an 85% stake, giving rise to a combined business generating over EUR 700 million sales.
Promovacances-Karavel operates the leading online sales platform of holiday tours in France, with 4.5 million monthly unique visitors browsing the group’s websites. Originally a digital pure player, the business has developed a multichannel strategy and a network of 50 branches in France.
LBO France is a private equity fund with 3.1 billion euros under management, investing in French national champions, usually having a strong footprint abroad or a strong potential to develop internationally.
B&A Investment Bankers acted as exclusive financial advisor to LBO France and Promovacances-Karavel.