 Center Parcs is a European network of holiday villages.
Center Parcs created the concept of the short break holiday and has developed into the leading operator with 18 holiday villages in mainland Europe (France, Belgium, the Netherlands and Germany). Accommodation in Center Parcs is generally provided in the form of villas of which there are over 10,000, accommodating 3.7 million visitors every year. Center Parcs Europe has over 10,000 employees.
Transaction
In 2000, while at DB Capital Partners, the founding partners acquired Center Parcs Europe in a joint venture with the French holiday company Pierre & Vacances. In 2003, Center Parcs Europe was sold to Pierre & Vacances.
Investment Overview
The market believed that there was excess supply in the short break holiday market in Central Europe and the valuation of the business had suffered accordingly. Pierre & Vacances already owned Europe's largest bungalow vacation supplier, Gran Dorado Resorts, which was the leading competitor to Center Parcs Europe. We worked on integrating the businesses and strengthened management in the process. The combination of the two businesses, in addition to several cost reduction efforts, allowed us to grow EBITDA significantly in the three years we owned it.
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