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March 1, 2024

UAE’s ADNEC Group acquires French tourism group Karavel

ADNEC 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, the 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 Abu Dhabi’s tourism vision, which aims to make the nation’s capital of the UAE a global destination for culture, leisure, and business tourism. The company said in a statement that the completion of the deal remains subject to regulatory approval and customary closing conditions.

Mr. Alain de Mendonca, CEO of Karavel, stated that, “We are honored to have been acquired by ADNEC Group at such an exciting stage in Abu Dhabi’s growth. The opportunities that come with joining ADNEC 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 that successfully bridges Europe and Abu Dhabi. We would like to thank Equistone Partners for their support and are very excited for the next stage in our journey.”

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.