B&B Hotels attracts bids of over €3bn from KKR & CVC

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

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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

 

Source: Private Equity Wire

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