Karavel-Promovacances & FRAM
Karavel-Promovacances and FRAM are both leading tour operators and together hold the number two market position in France.
Founded in 2000, Karavel-Promovacances operates as a tour operator and an online travel agency, offering a full range of services including airline tickets, hotel rooms, cruises, and package holidays through multiple online channels which receive over seven million unique visitors each month. Promovacances is its primary online channel and the brand name for its network of 60 agencies across France. The business also handles bookings through its online pre-booking service, operates a dedicated sales force managing discounted large-scale group bookings for businesses, schools and universities and is supported by three call centres.
Founded in 1949, FRAM is a tour operator in France, with an established brand, providing differentiated package offers including specific holiday services and onsite activities notably under the “Framissima” clubs. It focuses on tours distributed through third-party travel agencies and its network of 40 agencies.
Equistone previously backed a management buyout of Karavel-Promovacances from Opodo in 2007 through its Fund III. During the four-year investment period Equistone supported expansion with the completion of three add-on acquisitions. The business doubled in size and achieved sales of €265m, despite operating throughout a difficult economic climate. In 2011, Equistone sold its investment in Karavel-Promovacances to LBO France. In 2015, LBO France acquired FRAM to develop complementary synergies between the two groups.
With the arrival of Equistone, we will continue to benefit from the support of a shareholder that is committed to our strategic plan which aims at delivering the best value for our customers through the significant development of our IT platforms. We also hope to pursue our buy and build strategy within the fragmented market in France.