PAI Partners has announced an agreement to sell a significant minority stake in European Camping Group (ECG) to a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Despite this transaction, PAI will retain its majority stake in the company.

ECG, a major player in Europe’s outdoor accommodation sector, has undergone substantial growth since PAI’s initial investment in 2021. 

The private equity firm has focused on expanding ECG’s site portfolio, upgrading mobile home fleets, and implementing sustainability initiatives. 

In 2023, ECG’s acquisition of Vacanceselect doubled the company’s scale, reinforcing its position as a pan-European operator in the outdoor hospitality space.

Currently, ECG operates in eleven European countries under its main brands, Eurocamp and Homair, with a strong presence in France, Italy, Spain, and Croatia. 

The company’s network has expanded from 280 sites in 2021 to over 450 sites today, comprising more than 56,000 pitches and 48,000 mobile homes. 

Revenue has increased at a compound annual rate of 15%, and earnings have more than tripled over the same period.

Bertrand Monier, partner at PAI, highlighted ECG’s evolution in a press release, stating:

“ECG is a prime example of a Real Economy business that has emerged as a clear market leader in outdoor accommodation, benefiting from substantial investment, attractive market dynamics, and an exceptional management team, with plenty of runway for growth.”

Hamad Shahwan Aldhaheri, executive director of the Private Equities Department at ADIA, expressed confidence in the investment, adding: 

“ECG has successfully built one of Europe’s leading outdoor accommodation groups, driven by its strong and experienced management team. This investment, alongside a proven partner in PAI, aims to support and accelerate the growth of the business.”

For business owners in the outdoor hospitality sector, ECG’s trajectory offers insight into the consolidation trends shaping the industry. 

The company’s growth strategy, driven by acquisitions and operational enhancements, reflects the increasing role of private equity in expanding market-leading platforms. 

Additionally, ECG’s sustainability efforts and investment in premium facilities highlight evolving consumer expectations, which industry stakeholders may need to address in their own operations.

The transaction is pending regulatory approval and is expected to close in the second quarter of 2025.