Equistone exits French tourism business to UAE company

Abu Dhabi-based ADNEC Group is buying Karavel from the mid-market private equity firm.

  • Equistone has held Karavel since 2018
  • Karavel sells travel packages to Europe, the Middle East and Africa
  • Equistone owned Karavel during the covid pandemic

Equistone Partners Europe is selling Karavel, a French tourism group, in a strategic sale to Abi Dhabi-based tourism and leisure company ADNEC Group.

Karavel is one of France’s largest tourism groups, according to a statement. It sells travel packages to Europe, the Middle East and Africa.

Equistone has held Karavel since 2018, including during the covid pandemic.

“After providing the company with the necessary resources it needed during the covid-19 pandemic to assure its developments, the group is now ready to take a decisive new step in its development,” said Guillaume Jacqueau, managing partner and country head for France at Equistone, in the statement. “Thanks to our ongoing support, Karavel has enjoyed a remarkable turnaround, evolving into a dynamic group with promising international potential.”

The sale is subject to regulatory approval.

Equistone is a mid-market private equity firm that operates across Benelux, France, Germany, Switzerland and the UK. Its most recently close fund, number VI, has total capital commitments of €2.8 billion.