François Georges

Sandaya is an outdoor accommodation group with 16 four- and five-star campsites in choice locations offering a variety of lodging solutions (cottages, premium cottages, chalets, lodges, wooded cabins, teepees and bare pitches). Each site offers a wide range of leisure activities and services, principally for a family-oriented French and European clientele. Campsites are fully owned and managed by Sandaya, ensuring that customers can count on finding the same level of quality, services and activities in all locations.


Sector: Consumer Investment date: 2016 Apax position: Majority Activity: MidMarket
Why did we invest?

Sandaya has a differentiated business offering being the only ‘sizeable’ French campsite operator with a pure ‘integrated branded ownership’ business model and an established premium family positioning. The company has a proven know-how of campsites acquisition, integration and operation. (11 acquisitions closed in the last 5 years).

Sandaya operates in a growing market, with a dynamic ‘premiumization’ trend, highly fragmented, with significant barriers to entry.

How do we intend to create value?

The investment thesis consists in creating a leading operator of premium campsites in Europe. The plan is to increase international distribution to optimize off-peak occupancy and pricing. The international roll-out plans the acquisition of campsites in new geographies (Spain, Italy). The company has also the potential to rapidly grow its online distribution channel.


For financial year ending on 31 October 2016, Sandaya’s revenue were €28m up 24% compared to 2015, resulting notably from the acquisition of 3 campsites.

36% of 2016 revenue are completed internationally compared to 32% in 2015.

Three new campsites have already been acquired in France since acquisition in 2016, adding a total of 1,500 pitches to the existing perimeter of 4,700.