Montefiore Investment, Ceres Industries Capital and CFJ (Compagnie Financière Jousset) enter into exclusive negotiations with Equistone for the acquisition of Karavel Groupe

Ceres Industries Capital, CFJ (Compagnie Financière Jousset) and Montefiore Investment today announce their entry into exclusive negotiations with Equistone Partners Europe (“Equistone”) for the acquisition of Karavel Groupe (“Karavel”), one of the largest tourism groups in France. 

The transaction will involve Karavel’s management team, led by Cyrille Fradin, President, and Folco Aloisi, CEO, retaining a significant stake in the business. This investment aims to consolidate Karavel’s market position while supporting the Group’s sustained growth over time. The transaction remains subject to regulatory approval.

Launched in 2001, Karavel is a pioneering e-tourism travel agency that assists nearly one million customers annually. Through its three brand platforms — FRAM, Promovacances, and ABcroisières — and a network of 170 physical agencies across the country, the Group offers discounted travel deals at 250 clubs and resorts, along with over 500 tour packages worldwide. With c. 1,000 employees, Karavel now generates over €1 billion in revenue annually.

“Alongside Ceres and CFJ, we aim to support Karavel in accelerating its development, especially by expanding its international customer base and strengthening its key assets. We found immediate alignment in values with the management team, and we are confident that together we can sustain and grow the competitive advantages of each brand in its market.”

— Eric Bismuth, Chairman of Montefiore Investment

“Karavel benefits from high-quality management, experienced teams committed to the Group’s success, a strong market position and numerous development opportunities. Ceres has built a shareholder base that combines CFJ’s entrepreneurial spirit and Montefiore’s tourism sector expertise to provide tailored, pragmatic operational and strategic support to Karavel.”

— Renaud Besançon, Chairman of Ceres Industries Capital

“CFJ seeks to invest in companies with strong entrepreneurial cultures, led by committed, talented and innovative management teams. Karavel and its leadership embody all these qualities. We share an ambitious and responsible vision and will actively contribute to the Group’s development, its brands and its international reach, in close collaboration with Ceres and Montefiore.”

— Frédéric Jousset, Managing Partner of CFJ and Chairman of the Investment Committee

“We are proud to open a new chapter with Montefiore Investment, Compagnie Financière Jousset and Ceres Industries Capital. This trio of investors share our vision and ambitions. Together, we will accelerate Karavel-FRAM’s growth in France and abroad, and pursue an active investment, innovation and M&A strategy, while reinforcing our commitment to sustainable and responsible performance. Each brings a complementary strength: Montefiore’s sector expertise, Frédéric Jousset’s entrepreneurial and societal vision and Ceres’ industrial DNA. This partnership is a powerful lever to consolidate our strengths, open new opportunities and continue to make a difference for our clients and teams.”

— Cyrille Fradin, President of Karavel and FRAM

“25 years after its creation, Karavel is entering a new strategic phase with the arrival of three top-tier partners — Montefiore, CFJ and Ceres Industries Capital — which are now in exclusive discussions to support the Group’s transition. This new chapter aims to strengthen our development, accelerate innovation and pursue ambitious projects in France and internationally. With their support, we are reinforcing a high-performing, responsible and sustainable business model that serves our clients and our ecosystem of partners at home and abroad.”

— Folco Aloisi, Co-founder and CEO of Karavel and FRAM

“Since we invested in the business in 2018, Karavel has doubled its revenue to exceed €1 billion. We are especially proud to have supported its leadership and management during the COVID-19 pandemic — a particularly challenging time for the tourism industry — by injecting further equity into the business to ensure stability and accelerate its digitalisation strategy. This support enabled Karavel to emerge as a stronger player in the post-COVID market and to fully benefit from the sector’s rebound. This divestment comes at a strategic time for Equistone France, which has now generated over €1 billion of proceeds to its investors since last year through five exits.”

— Julie Lorin, Partner at Equistone