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The Adnec Group

Adnec acquires French tourism group Karavel from Equistone

ABU DHABI, December 5, 2023

Adnec Group, a leading international business and leisure tourism group, has acquired Karavel, the French tourism group, from Equistone Partners Europe, one of Europe’s leading mid-market private equity investors.

Karavel is one of the largest tourism groups in France, offering travel packages to Europe, Middle East and Africa (EMEA) through its vast online and offline distribution network.

This acquisition reflects the active deployment of Adnec Group’s strategy to geographically diversify its core sectors. It will strengthen the group's international expansion while enhancing Karavel’s growth and expansion into new markets and providing access to Adnec Group’s portfolio of assets and expertise in the tourism sector.

This strategic move will also support the tourism vision of Abu Dhabi, which aims to make the nation’s capital of the UAE a global destination for culture, leisure, and business tourism.

Karavel will join Adnec Group’s established tourism portfolio which includes Tourism365 and its subsidiaries Capital Experience, Capital Travel, Capital Holidays, Etihad Holidays and Capital Drive and drive greater economic impact to Abu Dhabi and UAE.

Humaid Matar Al Dhaheri, Managing Director and Group Chief Executive Officer of Adnec Group, said: “The acquisition of Karavel is an important strategic step for Adnec Group, as we deliver on our global expansion strategy and reaffirms our commitment to support the tourism objectives of Abu Dhabi.

“Karavel’s history of success in delivering tours and holidays to customers in France across destinations in Europe and the Caribbean, complements Adnec Group’s ambitions for growth in Europe where we already have a presence.

“We see great synergies between our European and Middle Eastern tourism offerings, promoting cross-cultural holiday exchange, and will work closely with to enhance our cluster and create a champion for tourism in Abu Dhabi.”

Alain de Mendonca, CEO of Karavel said: “We are honoured to have been acquired by Adnec at such an exciting stage in Abu Dhabi’s growth. The opportunities that come with joining the Abu Dhabi group are significant, and we look forward to working together to bring our shared vision to life, delivering unforgettable holiday experiences and building a tourism brand which successfully bridges Europe and Abu Dhabi.

Guillaume Jacqueau, Managing Partner and Country Head for France at Equistone Partners Europe, said: “We are proud to have worked with Karavel to support its continued growth and maintain its strong identity as a leading European tourism platform. 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.

“Thanks to our ongoing support, Karavel has enjoyed a remarkable turnaround, evolving into a dynamic group with promising international potential. We wish them all the best for the next stage of their journey with Adnec Group.”

Completion of the deal remains subject to regulatory approval and customary closing conditions, a statement said. – TradeArabia News Service




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