03-04-2025
Adia acquires significant minority stake in French firm
The Abu Dhabi Investment Authority (Adia) has announced its acquisition of a 'significant minority stake' in the French outdoor accommodation firm, the European Camping Group (ECG), through a wholly owned subsidiary. The financial terms of the transaction have not been disclosed.
In this deal, PAI Partners, a France-based private equity firm, will sell its minority stake in ECG while retaining majority ownership. The transaction is contingent upon customary regulatory approvals and is expected to be finalized in the second quarter of 2025.
PAI Partners first invested in ECG in 2021, focusing on enhancing facilities and amenities across the group's sites and mobile-home fleet. In 2023, PAI expanded its involvement by acquiring VacanceSelect, further integrating European campsite and mobile-home operators into the ECG portfolio.
Currently, ECG operates in 11 European countries through its leading brands, Eurocamp and Homair. This strategic investment by Adia aligns with its growing interest in European markets, which now constitute 22 per cent of its portfolio, making it the second-largest region after Asia Pacific, at 38 per cent.
Adia, managing nearly $1.06 trillion in assets, has been active in Europe, recently increasing its financial commitment to Cheyne Capital's real estate private credit strategy, targeting senior lending against European real estate. The undisclosed investment raised Cheyne's total commitment to $836 million.
Additionally, in June, Adia acted as an anchor investor in Pemberton Asset Management's NAV strategic financing strategy, helping to push the initiative's first close to over $1 billion.
Hamad Shahwan Aldhaheri, executive director of the private equities department at Adia, praised ECG for establishing itself as a leading player in the outdoor accommodation sector. 'This investment, alongside a proven partner in PAI, aims to support and accelerate the growth of the business,' he said.
Bertrand Monier, a partner at PAI, emphasised ECG's position as a market leader, noting the substantial investment and exceptional management driving its success. 'We are delighted to welcome ADIA as our fellow shareholder for the next stage of growth, sharing our vision for ECG and the opportunities to build on its success,' he stated.
ECG CEO Sébastien Manceau expressed enthusiasm about the new partnership: 'We are delighted to welcome Adia as a new investor alongside PAI to support our growth trajectory and continue strengthening our leadership in the European outdoor accommodation market. This new chapter will allow us to pursue our geographic diversification journey and focus on organic and operational levers to achieve our full potential.'
As Adia continues to expand its footprint in Europe, this investment in ECG reflects its strategic approach to identifying and supporting high-potential businesses in diverse sectors.
