AccorHotels announced today that it has finalized the acquisition of John Paul, the number-one player in the concierge market. John Paul founder David Amsellem will retain a 20% stake in the company and continue to serve as its Chief Executive Officer. This acquisition values the company at US$150 million, i.e. a 2017e EV/EBITDA multiple of c.11x.
John Paul was established in Paris in 2007 and merged with American company LesConcierges in 2015 to create the world leader in premium customer and employee loyalty services. John Paul’s over 1,000 employees around the world come from the most eminent palaces and are available 24/7 to cater to their customers’ every request, from the simplest to the most extraordinary, anywhere around the globe. John Paul’s 50,000-partner worldwide network, powerful proprietary CRM software application, and management platform with embedded 360° personalization and profiling capabilities, put the company in a position to deliver comprehensive and trailblazing loyalty solutions in many industries.
For John Paul, which is already very active in the travel industry, this move is an unrivalled opportunity to cement its expertise and partnerships through the AccorHotels Group’s 4,000+ hotels and 3,000+ restaurants worldwide. AccorHotels will leverage John Paul’s expertise to take the Group’s strategy – placing customers at the center of everything it does – to the next level, and to generate new revenue streams from services.
AccorHotels and John Paul will join their innovation-driven and service-focused cultures to provide the best travel experience.
John Paul CEO David Amsellem said, “I’m very excited about the idea of working with the AccorHotels Group at such a crucial phase in its transformation. The synergies with the group will afford us unparalleled competitive advantages in a market where there are more opportunities than ever before. This transaction will be a catalyst for our development, meaning organic growth and consolidation alike.”
AccorHotels CEO Sébastien Bazin added, “I’m very happy to be able to work with David Amsellem. John Paul is a great find in the customer relations business. Starting today, we will be combining our expertise, strengths and talents, and providing an even broader choice of services to treat all travelers to the best experience before, during and after their stays.”