European Camping Group

PAI Partners, a leading pan-European mid-market buyout manager, first invested in European Camping Group in 2021 via its seventh fund, PAI Europe VII. Under PAI’s ownership the company has performed strongly, with growth driven by the successful execution of operational and commercial initiatives. Additionally, in early 2023, PAI provided further capital from PAI Partners VIII and PAI Europe VII to fund the transformational acquisition of Vacanceselect, adding considerable scale, and positioning the combined group as the clear Outdoor Accommodation market leader in France and #3 player in Europe. Patria GPMS is a long-term investor with PAI, having made a primary commitment to PAI IV in 2005. PAI is also a core investment partner for Patria Private Equity Trust, which initially committed to PAI Europe VI in 2014 and has subsequently invested in PAI Europe VII (2017), PAI Mid-Market Fund (2021) and PAI Partners VIII (2022), as well as completing co-investments in PAI Strategic Partnerships, European Camping Group, Tropicana Brands Group, and Uvesco.

On entry, ECG managed a fleet of over 21,000 units (primarily mobile homes) across over 300 premium campsites in appealing European destinations like France, Italy, Spain, and Croatia. The company is based in Aix-en-Provence, France, and strategically utilizes four well-known and complementary distribution brands—Homair, Eurocamp, Al Fresco, and Roan—to achieve extensive reach.

ECG prioritizes M&A to expand its portfolio of directly owned campsites, as demonstrated by the transformational acquisition of Vacanceselect in 2023, which added a further 22,000 mobile homes, 30,000 pitches and 265 campsite locations to the group’s portfolio, as well as the Tohapi and Vacanceselect brands. Its operational improvement programme targets sustained RevPAR (revenue per available room) growth through dynamic pricing, fleet upgrades, renovations, and a wider expansion plan. Yield management initiatives, including site densification and a multi-brand booking platform, aim to enhance profitability.

In September 2021, PAI acquired ECG from The Carlyle Group (and other former shareholders) after monitoring the business, and developing a relationship with the management team, for over a decade. PAI has an unparalleled track record and expertise in Europe’s Outdoor Accommodation sector, generating strong returns on their investments in Roompot and B&B Hotels. Therefore, participating alongside them adds further to our conviction on this opportunity.