The Ontario Teachers’ Pension Plan is acquiring a 40 per cent minority stake in European Camping Group, a provider of mobile-home holiday rentals.
The company’s current owners — global alternative asset manager the Carlyle Group and French investment bank Montefiore Investment — will maintain majority control. The transaction is expected to close in the second quarter of 2018.
European Camping Group generated revenues of 230 million euros in 2017, according to a press release, which notes that the company owns and operates a rental fleet of more than 20,000 units located across about 300 campsites in Croatia, France, Italy and Spain.
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“We have been impressed with the caliber of the senior team at ECG, which has generated strong annual growth of 25 per cent over the last 10 years by providing affordable, high-quality family holidays in excellent locations in France, Spain, Italy and Croatia,” said Jo Taylor, senior managing director international at Ontario Teachers’, in the release.
“We look forward to working with ECG’s existing shareholders — Carlyle and Montefiore — as well as ECG’s management team to help leverage the company’s market position and plans for growth through consolidation. Ontario Teachers’, which manages C$31.9 billion in private equity globally, is an experienced investor across Europe, including France. Our partnership with ECG is an example of our ability to respond quickly and decisively to investment opportunities where flexible or followup capital is required.”
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