Montefiore Investment announces agreement with Equistone to acquire Karavel Group

Montefiore Investment, Ceres Industries Capital and CFJ (Compagnie Financière Jousset) today announced the signing of an agreement with Equistone to acquire the Karavel group, France’s leading holiday retailer under the Promovacances and FRAM brands. This transaction would be carried out alongside the management team, in particular Cyrille Fradin, Chairman, and Folco Aloisi, Chief Executive Officer. The aim of this investment is to consolidate Karavel’s position in its market while supporting the Group’s sustained growth over the long term. The transaction remains subject to approval by the relevant regulatory authorities.

Founded in 2001, the Karavel Group is a pioneer in e-tourism, serving nearly one million customers each year with their holiday bookings. Through its three brand platforms, FRAM, Promovacances and ABcroisières, and its network of 170 physical agencies across the country, the Group distributes discounted travel offers in 250 clubs and resorts and more than 500 tourist circuits around the world. With nearly 1,000 employees, the Karavel Group currently generates more than €1 billion in turnover.

‘Alongside Ceres and CFJ, we aim to support Karavel in accelerating its development, particularly in terms of internationalising its customer base and strengthening its key assets. We immediately found ourselves aligned with the management team’s values, and we are confident that together we can sustain and develop the competitive advantages of the various brands in their respective markets.’
Eric Bismuth, Chairman of Montefiore Investment

‘Karavel has a high-quality management team, experienced staff committed to the Group’s success, a strong market position and numerous opportunities for development. Ceres has sought to build a consortium that is both entrepreneurial, with CFJ, and experienced in the tourism sector, with the Montefiore team, in order to offer tailored and pragmatic operational and strategic support to the Karavel Group.’
Renaud Besançon, Chairman of Ceres Industries Capital

‘CFJ seeks to invest in companies with a strong entrepreneurial culture, led by committed, talented and innovative management teams. Karavel and its management team embody all of these qualities. We share an ambitious and responsible vision and will work actively to develop the Group, its brands and its international network in close collaboration with Ceres and Montefiore.’
Frédéric Jousset, Managing Director of CFJ and Chairman of the Investment Committee

‘We are very proud to be embarking on a new phase with Montefiore Investment, Compagnie Financière Jousset and Ceres Industries Capital. This trio of investors shares our vision and ambitions. Together, we will accelerate Karavel-FRAM’s growth in France and internationally, pursue an active policy of investment, innovation and external growth, while strengthening our commitment to sustainable and responsible performance. Each brings complementary strengths: Montefiore’s sector expertise, Frédéric Jousset’s entrepreneurial and societal vision, and Ceres’ industrial DNA. This partnership is a lever to consolidate our strengths, open up new perspectives and continue to make a difference in serving our customers and our teams.’
Cyrille Fradin, Chairman of Karavel and FRAM

‘Twenty-five years after its creation, Karavel is embarking on a new strategic phase with the arrival of three leading partners — Montefiore, CFJ and Ceres Industries Capital — in exclusive discussions to support the Group’s recovery. This new chapter aims to strengthen our development, accelerate innovation and support ambitious projects in France and internationally. With their support, we are consolidating a successful, responsible and sustainable business model, serving our customers and our ecosystem of partners in France and abroad.’
Folco Aloisi, Co-founder of Karavel and Managing Director of Karavel and Fram

‘Since our investment in 2018, Karavel Group has doubled its turnover to over €1 billion. We are particularly proud to have supported its executives and management teams during the Covid period, which was very difficult for all players in the tourism industry, by repeatedly supporting the group with capital increases in order to maintain business continuity and accelerate its digitalisation. This transformation has enabled Karavel to emerge as a stronger player in the post-Covid market and to take full advantage of the market rebound to achieve the results we see today. This sale comes at a strategic moment for Equistone France, which has returned more than €1 billion to its investors since last year through five exits.’
Julie Lorin, Partner at Equistone