Two major private equity firms, KKR and CVC, have submitted bids exceeding €3bn for B&B Hotels, a French budget hotel chain that was founded in Brest, Brittany in 1990, and has since expanded to 17 European countries, according to a report by the Times.
The report cites unnamed sources as revealing that Goldman Sachs, which had hoped to fetch €3.5bn for the hotel chain, has received offers ranging between €3.2bn and €3.3bn, a significant increase on the €1.9bn it paid to acquire the company in 2019
KKR, based in New York and known for investments such as the British recycling company Viridor and the Wella brand of haircare products, is one of the key bidders. Luxembourg-based CVC, currently also considering a takeover of the London-listed investment platform Hargreaves Lansdown, is another prominent contender.
PAI Partners, the French private equity firm that sold B&B Hotels to Goldman Sachs in 2019, is also reportedly in the running.
B&B currently manages 650 hotels, including 352 in France and 153 in Germany, as well as properties in Italy, Spain, Portugal, Czech Republic, Belgium, Austria, Poland and Brazil
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