Ashurst advised Certares, the New York-based private equity fund and reference shareholder of the Marietton Développement group, in connection with the group's fourth leveraged buyout (LBO). This major recapitalisation transaction is part of a strategy to strengthen Marietton Développement's capital structure and to support its ambitious growth strategy in the French tourism market.
Marietton Développement, a sector leader with more than 600 agencies and around twenty strong brands such as Havas Voyages, Austral Lagons, and Selectour, continues its development, supported by its historical shareholders, including Certares, Bpifrance, and AfricInvest. This transaction enables Certares to consolidate its position as reference shareholder, retaining approximately 49% of the capital in the new structure, while benefiting from significant value creation through the dividend distribution and the continued growth of the group. It also provides Certares with enhanced visibility over the group's governance and strategy, while maintaining strong alignment with the other shareholders and management.
The transaction also aims to open up the capital to employees and members of the executive committee, thereby strengthening internal cohesion and team engagement around the company's project. The group's governance, chaired by Laurent Abitbol, remains unchanged, with a management team that is highly involved in the transaction.
The Ashurst team was led by François Hellot, partner, assisted by Isaure Sander, counsel, Louis Rainguenet, senior associate, Alexandra Ber and Raphaël Chekroun, associates, for corporate matters; Emmanuelle Pontnau-Faure, partner, and Sabrina Ben Hassou, associate, for tax matters in Paris; as well as Alexandra Clouté, partner, and Adnand Sulejmani, senior associate, for tax matters in Luxembourg.
