The investment fund has decided to sell its tour-operator division.
In 2011, LBO France acquired Karavel and Promovacances followed by the tour operator FRAM in 2015. A sales mandate for the three entities has been entrusted to Banque Rothschild according to Les Echos.
LBO France is continuing divestment in tourism and had already sold the tour organiser ParisCityVision in 2015.
Since the takeover by LBO France, Karavel, Promovacances and FRAM saw their revenues drop from 730 to 520 millions euros. FRAM suffered from an unfavorable economic situation, a loss of interest in North African destinations and the rise of online travel agencies.
In 2017, the French tour operating market gained strength. The future buyer remains unknown; however, TUI France acquired Look Voyages and Vacances Transat in 2016 and Marietton took over Havas Voyages in 2015 and wished to strengthen its position.
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