We acted as tax advisor to the founders of Sandaya, François Georges and Xavier Guilbert, in connection with the acquisition of the group by Apax Partners, the new majority shareholder. This acquisition was carried out in partnership with the two founders alongside Sofival, BPI France, Société Générale and Arkéa. The financial shareholders, Pragma Capital and 123 Venture, have sold their investment.

This operation gives Sandaya, an outdoor accommodation group, new financial means which will enable it to pursue development in France and wider Europe. With more than EUR150 million, Sandaya effectively intends to continue its acquisition of campsites at a steady pace, with the aim of creating a group carried by a strong brand.

Sandaya, which was founded in 2010, has 11 four and five-star campsites with more than 300 pitches in France and Spain and employs up to 500 members of staff at high season. The company was founded by François Georges, CEO of Acapace Group, and Xavier Guilbert, with the financial support of Pragma Capital. The group was built up through successive acquisitions, notably with the addition of three new sites in 2016.

Apax Partners is one of the leaders in private equity in European French-speaking countries. With over 40 years of experience, this investment company helps businesses to become leaders in their sector. The funds managed and advised by Apax Partners represent more than EUR3 billion.

Pragma Capital is an investment firm that specialises in SMEs, which invests alongside entrepreneurs and assists them with financing and management of their growth acceleration. Since its creation in 2002, the company has made nearly 90 acquisitions and raised more than EUR650 million from French and international investors, mostly institutional.

Sandaya was advised by Baker & McKenzie’s tax department, led by Véronique Millischer, Partner, Stéphane Taïeb, Local Partner, Edouard de Rancher, Senior Associate and Sophie Caulliez, Associate. For legal matters, they were advised by Desfilis.

The purchasers were advised by Allen & Overy concerning legal matters and by Arsène Taxand for tax aspects; LexCase carried out the legal due diligence. Pragma was advised by Weil Gotshal & Manges.


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