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Trigano: Europe's Quiet RV Empire
I. Introduction & Episode Roadmap
Picture the Côte d'Azur in the summer of 1936. France's Popular Front government has just created something revolutionary: paid holidays for workers. Across the country, ordinary French citizens—factory hands, shopkeepers, teachers—suddenly have leisure time and nowhere to go. In a cramped workshop in Paris, a textile merchant named Edgard Trigano spots an opportunity that would shape French leisure culture for nearly a century. He begins selling tent canvases—simple "canadiennes," those iconic little rectangular shelters in blue or orange that would become synonymous with European camping.
Ninety years later, Trigano has a trailing 12-month revenue of $4.02 billion, making it Europe's undisputed leader in recreational vehicles. The stock reached its all-time high of €193.9 on July 1, 2021, compared to an all-time low of €2.3 in October 1998—a remarkable 80x+ appreciation since the IPO.
How did a family selling tent canvas in 1935 become the undisputed king of European RVs—and one of the best-performing industrial stocks on Euronext Paris? The answer lies in a remarkable combination of fortuitous timing, a visionary turnaround specialist, and one of the most disciplined acquisition playbooks in European manufacturing.
Manufacturing motorhomes is the Trigano Group's main activity, representing almost three quarters of its turnover. Thanks to its production units based in six countries (France, Italy, Germany, England, Spain and Slovenia), Trigano boasts a portfolio of more than 25 brands, distributed through a network of authorised dealers.
This is the story of how a family camping equipment business nearly collapsed, was rescued by a bank, and then transformed by a young finance executive who bought it for one symbolic franc—and built it into a €3.7 billion empire. It's a case study in how to create an oligopoly in plain sight, how to roll up a fragmented industry, and why some of the best businesses hide in sectors most investors overlook.
II. Origins: France's Camping Revolution (1935-1970s)
The Trigano story cannot be understood without first understanding a peculiar moment in French history. The story of this family owned business dates back to 1935 when Edgard Trigano launched his company selling textile goods. The following year, in the wake of the victory of the Popular Front, French people were able to take paid annual leave for the first time.
This was more than a labor victory—it was a cultural revolution. Suddenly, millions of French workers needed somewhere to go and something to sleep in. The products Trigano positioned on the market included the sale of tent canvases, notably the "canadienne," a small rectangular tent with blue or orange canvas, which sold several million units.
In 1935, the company was created by Edgard Trigano, a textile trader, in "a small workshop installed in a wooden shack," as his younger brother Gilbert, who would later be hired, described it. The business initially specialized in distributing camping and sports goods.
Ten years later, in 1945, Raymond Trigano and his sons formed the Trigano company specialised in the distribution of camping and sports goods. This post-war period represented another inflection point—French society was rebuilding, and the desire for simple leisure exploded.
The Club Med Connection
One of the most remarkable chapters in the Trigano family saga involves a separate branch of the family tree that would profoundly influence global tourism. Club Med was founded in 1950 by Belgian water polo player, Gérard Blitz, who was later joined by French businessman, Gilbert Trigano—Edgard's younger brother.
Blitz got together with a tent maker, Gilbert Trigano, and set up Club Mediterranée as a not-for-profit organisation, based on a simple, irresistible philosophy: "The aim in life is to be happy. The place to be happy is here. And the time to be happy is now."
Gilbert Trigano started out in the tourism business by lending a friend a few tents. His family ran a tent business and when, in 1950, his friend Gerard Blitz needed some tents for holidays in Majorca for ex-servicemen, Gilbert Trigano provided them.
Gilbert would go on to become Club Med's legendary CEO, while the camping equipment business continued under different family management. But this connection to Club Med demonstrates an essential Trigano family characteristic: an intuitive understanding that Europeans, exhausted by war and economic hardship, craved affordable escape.
The Caravan Push and Its Failure
The business subsequently evolved and diversified with the establishment of a caravan business in 1971. After acquiring the company SEMM (Caravelair) two years earlier, Trigano began marketing caravans and broadcast a national slogan that marked its time: "Le camping, c'est Trigano!"
The campaign was ambitious but the timing proved disastrous. After the oil crisis of 1973, the acquisition of the Caravelair caravan brand was a failure. The energy shock transformed the economics of towing and camping virtually overnight. Gasoline prices soared, consumers retrenched, and Trigano found itself overextended in a market that had suddenly contracted.
This marked the end of the founding family's control and set the stage for the company's most turbulent decade.
III. The Crisis & Bank Takeover (1974-1987)
Because of financial difficulties, Crédit Lyonnais took control of Trigano in 1974. The company was privatised several years later, in 1987.
The phrase "financial difficulties" understates the severity of the situation. Crédit Lyonnais took control of Trigano in 1974 following poor results, ousting the founding family. For investors, this is a critical lesson: even companies with strong brand recognition and cultural relevance can be destroyed by overexpansion into adjacent markets with different economics.
The thirteen years under bank control represented the company's wilderness period. Crédit Lyonnais, France's largest state-owned bank at the time, was managing Trigano as part of a much larger portfolio of troubled assets. The bank's primary interest was stabilization and eventual divestiture—not building a European leisure vehicle champion.
Yet even during this period, something consequential occurred. It was while it was still under bank control in 1984 that the first motorhomes were produced. At the instigation of François Feuillet, who joined Trigano in 1981, the company added the manufacture of motor caravans (1984) and trailers and garden equipment (1992).
This pivot from distribution to manufacturing would prove transformational. Rather than simply selling tents and camping equipment—a low-margin business vulnerable to cheap Asian imports—Trigano would become an actual producer of recreational vehicles.
In 1981, François Feuillet, placed by the bank, joined Trigano as assistant general manager in charge of the turnaround: he relocated some production to low-cost countries, closed a French caravan factory and sales points. The company launched motorhome manufacturing activities in 1984, initially for the coachbuilder Chausson (later acquired).
In 1985, the group launched its own brand, Challenger, and created "Euro-Accessoires." In 1987, Trigano was privatised. In 1992, the company acquired "Amca Noval" and the following year took control of "Camping-cars Chausson."
The bank control period, while painful, incubated the strategic direction that would define Trigano's future: vertical integration into motorhome manufacturing, brand creation, and eventually aggressive acquisition.
IV. The François Feuillet Era Begins (1981-1998)
If Trigano has a single author, it is François Feuillet. A graduate of HEC, he has been managing Trigano between 1981 and 2020, after having worked as an auditor (KPMG), financial director and general manager (Singer Group and Compagnie Française du Meuble).
His path to Trigano was unconventional. From 1970 to 1973, François Feuillet was a consultant at Peat Marwick Mitchell and Co (KPMG). He became administrative director and financier of Doubinsky Frères between 1973 and 1977. He then moved through roles at the Singer Group and a French furniture company before joining the bank-controlled Trigano in 1981.
François Feuillet has been managing Trigano since 1981 and gained control of Trigano in 1986. Bernard and François Feuillet bought Trigano 50/50, then in 1987, François Feuillet bought the entirety of Trigano for one symbolic franc. In the years that followed, he reconstituted the company's equity before launching into acquisitions.
The "one franc" purchase is worth pausing on. This was essentially a management buyout of a troubled asset that the bank wanted to offload. Feuillet had demonstrated he could stabilize the business; now he had the opportunity to own it. The purchase price reflected the company's distressed state, but also Feuillet's unique position as both the turnaround manager and the prospective owner.
Building the Foundation
The years between 1987 and 1998 were about rebuilding fundamentals. Feuillet focused on:
- Reconstituting equity that had been eroded during the crisis years
- Expanding motorhome production capacity
- Building the Challenger brand as a house label
- Developing vertical integration through acquisitions like Chausson
The 72 year old Frenchman has been managing Trigano since 1981, having previously worked as an auditor (KPMG), financial director and general manager for the Singer Group and Compagnie Française du Meuble.
Feuillet's management style became legendary within the industry. In an interview, Feuillet observed: "True, our employees leave Trigano when they retire. I know people who, throughout their career, have worked only for the Trigano group... for 45 years. I think Trigano gives employees a project of work, growth, strength, and the ability to scale positions. Our employees often have four or five career advancements. In Trigano, we often increase wages so that our workers always have fair recognition."
But he was equally candid about his demanding nature: "After that, I have big flaws. The most important is that I always see the negative aspects and when someone has worked wrongly even for only five percent of the total done, I always start the meeting with him underlining that five percent. I never start by complimenting him."
The 1998 IPO
Trigano's IPO took place in 1998, with details remaining surprisingly discrete, though it is known that the cost per share was hovering at around $3 during the first day of trading.
Privatised again in 1987, the company floated on the stock market in 1998, and since then has been on an aggressive acquisition trail, particularly in the motorhome sector.
The IPO served multiple purposes: it provided liquidity for early investors, created a publicly traded currency for acquisitions, and established the credibility needed to pursue larger deals. From approximately €2.30 per share in late 1998, Trigano was about to begin a multi-decade compounding journey.
V. The Acquisition Machine Awakens (1998-2016)
After being listed on the stock exchange in 1998, followed by acquisitions mainly in the motorhome sector, Trigano became a leading leisure vehicle company in Europe.
The playbook was remarkably consistent:
- Identify European motorhome brands with strong regional identities but subscale operations
- Acquire at reasonable multiples using balance sheet strength and public market credibility
- Maintain brand identity rather than consolidating under a single label
- Integrate back-office operations while preserving front-end distinctiveness
- Expand through the acquired company's distribution network
The Acquisition Timeline
In 1998, the company Trigano went public and began a policy of development through acquisitions: Trigano bought Autostar in 1998.
The pace accelerated rapidly. In 1999, Trigano acquired both Caravans International in Italy and Auto-Trail in the United Kingdom. In 2001, Arca (another Italian brand) and La Mancelle caravans joined the portfolio.
In 2012, the company acquired the trailer manufacturer "Lider," confirming its development in the trailer domain, as well as "Notin" (motorhomes), "OCS Recreatie Groothandel BV" (accessories) and the Norwegian "Gaupen-Henger" (trailers).
The Geography of Expansion
Trigano's acquisition strategy was deliberately multi-local. Rather than trying to impose French brands across Europe, the company sought established manufacturers in each major market:
- France: Autostar, Chausson, Notin
- Italy: Caravans International, Arca, SEA Group
- United Kingdom: Auto-Trail (1999), later Auto-Sleepers
- Germany: Eura Mobil, Karmann-Mobil (2005)
- Spain: Benimar (2002)
- Slovenia: Adria (2017)
SEA owns the McLouis, Elnagh and Mobilvetta brands, which between them sold 3,200 motorhomes in 2012, generating €130 million in revenue. Due to weak demand in the Italian market, SEA had been running at a loss since 2006.
This is a critical element of the acquisition playbook: Trigano often acquired distressed assets. Strategic patterns emphasize vertical integration, broad distribution networks, and acquisition-driven growth, with companies like Trigano pursuing serial acquisitions of distressed assets to expand market share and manufacturing capabilities.
The SEA acquisition demonstrates the synergy thesis. While SEA had been unprofitable for years, Trigano's purchasing scale, manufacturing expertise, and distribution network could transform the economics. In a press release the Trigano Group indicated that it was planning to put in place purchasing, manufacturing and commercial "synergies" to offset SEA's operating losses.
The Brand Portfolio Strategy
By 2016, Trigano had assembled a portfolio of distinctive brands, each with its own heritage and market position. This wasn't vanity—it was strategic. European RV buyers develop strong brand loyalties, often staying within a brand family for decades. By maintaining multiple brands, Trigano could:
- Capture different price points without diluting premium positioning
- Preserve local dealer relationships
- Maintain competitive tension between internal brands
- Avoid triggering dealer concerns about manufacturer favoritism
Auto-Sleepers, based in the Cotswolds, has built a strong reputation for producing stylish motorhomes. Grimsby-based Auto-Trail has a strong British following like Auto-Sleepers, but it has actually been part of Trigano for even longer—since 1999.
VI. The Adria Acquisition: A European Crown Jewel (2017)
Adria, the market leader in many European countries, is probably Trigano's most ambitious acquisition in recent years. It acquired Adria in 2017, not long after the Slovenian company had rejected a takeover bid from Sweden's KABE.
The Adria deal represented a step change in scale and strategic importance. Established in 1965, Adria is one of the most recognisable brand names in the European leisure vehicle market. The group is profitable (current operating profit similar to Trigano's), employs around 1,500 people and achieved a turnover of M€ 355 in 2016.
It had been known for several months that Adria's parent company, Protej, which was heavily indebted, was on the lookout for a buyer for the one part of its operations that was profitable. Previous approaches by Swedish manufacturer KABE and a proposed management buyout of the motorhome division came to nothing.
Strategic Rationale
Trigano says Adria, which had a turnover of €350m in 2016, has profits which match its own. It says the acquisition, which it can fund entirely from its own banking reserves, will generate synergies in purchasing and production.
Trigano announces the acquisition of 85% of the capital of the Protej d.o.o company, owner of Adria Group. The remaining 15% will be retained by the management staff of Adria and may be acquired by Trigano in the next few years.
The Adria acquisition brought several strategic benefits:
- Slovenian Manufacturing Base: Lower labor costs than Western Europe while maintaining EU quality standards
- Eastern European Expansion: Strong position in growing markets like Poland, Czech Republic, and the Balkans
- Product Innovation: Adria was known for innovation, including "the Twin, the first van conversion to have a fixed bed. Many other manufacturers have copied the idea since. The acquisition included Sun Living, Adria's budget brand."
- Scale Economics: Combined purchasing power across European suppliers
Navigating Antitrust
The transaction received antitrust approval on April 27, 2017 and is expected to generate significant synergies.
The antitrust review was meaningful because Trigano already held substantial market share in several European countries—reportedly above 40-50% in some markets. National authorities examined whether the combined entity would harm end customers, dealers, or smaller manufacturers. The approval came through, reflecting the continued fragmentation at the European level despite concentration in individual markets.
In 2023, Trigano acquired 10.7% of the shares of its subsidiary Protej, allowing it to hold 100% of the capital of this company, parent of the Adria group. Part of the acquisition price was paid through an exchange of 220,000 treasury Trigano shares at a price of €125.60.
The 2017 vintage also included other significant additions: In 2017, Trigano acquired Auto-Sleeper motorhomes including the Marquis Leisure retail outlets in the UK and Slovenian leisure giant Adria.
VII. The COVID Boom & Modern Expansion (2020-2024)
When COVID-19 struck in early 2020, conventional wisdom suggested disaster for the leisure vehicle industry. Who would buy a motorhome in a pandemic?
The answer: everyone.
New lifestyles, in particular spending time in outdoor activities that are more environmentally friendly and relatively affordable for the customer, are making the market grow rapidly. During Covid, sales declined, but recovered strongly because you may be more isolated from other people than in hotels or apartments.
The COVID Surge
The year 2021 marked a clear recovery in the group's activity in a social context favorable to "motorhome" activity. In May, the group announced for the semester from September 2020 to February 2021 a net profit of €114.4 million, up 74.1% year-on-year, while operating income rose 69.5% to €151.4 million, the margin reached 11.1%, compared to 7.7% a year earlier, and revenue reached €1.37 billion, up 17.6%.
The pandemic fundamentally shifted consumer preferences. Families who might have booked international flights and hotels suddenly valued:
- Self-contained travel: No shared lobbies, restaurants, or transport
- Flexibility: The ability to change destinations instantly
- Nature access: Escaping urban density for outdoor spaces
- Value: Motorhomes offered cost-effective family holidays
Distribution Network Integration
In December 2021, the competition authority gave the green light for the acquisition of three major leisure vehicle dealership networks in France. "SLC", "CLC" and "GLA" went into the Trigano fold, bringing 800 additional employees and more than €350 million in revenue.
This move into distribution represented a strategic evolution. Libertium is the largest French network for the retail of recreational vehicles. Libertium was born from the strategic merger of the most significant historic brands in the French market, with the ambition of offering a comprehensive, consistent, and high-quality range of products and services throughout France. Today, Libertium brings together 64 dealerships across France, distributing 55 brands of motorhomes and caravans.
Libertium is controlled by the Trigano Group and continues to distribute most major European brands. This new network is a strong response to the arrival of automobile distributors in the sector, in particular that of vans and converted vans.
Leadership Transition
The group announced having recruited a senior executive from Fiat—Stéphane Gigou—to take over from CEO François Feuillet, aged 72.
Stéphane Gigou had been since 2017 general manager of Fiat Professional, the utility vehicle branch of the Italian manufacturer. The French Stéphane Gigou, aged 48 and holder of a degree in economics and commerce from La Sapienza University in Rome, "has spent his entire career in the automobile industry (Renault then Fiat Chrysler)," specifies Trigano.
When Stéphane Gigou replaces François Feuillet as President of the Executive Board, Marie-Hélène and François Feuillet will be appointed members of the Supervisory Board. They will be active in the Strategy and Audit committees of this board.
The choice of Gigou was strategically logical: Fiat Professional was one of Trigano's largest chassis suppliers, making Gigou deeply familiar with the motorhome industry's supply chain dynamics.
BIO Habitat: Doubling Down on Mobile Homes
Trigano agreed to acquire Bio Habitat / Housing Business Division of Bénéteau S.A. from Bénéteau S.A. on October 29, 2024. Under the terms of agreement, Trigano is acquiring Housing Business Division of Beneteau along with the acquisition of 100% of its subsidiary BIO HABITAT, along with the O'HARA, IRM, and COCO SWEET brands, as well as all employees in France and Italy.
This profitable company employs 900 workers across 7 production sites in France and Italy and achieved revenue of €319.6 million in 2023.
After carefully examining the potential effects of the transaction on the French mobile home market, the Autorité noted that the Trigano group would face competition from three major players, two of which have recently invested in their production facilities. The Autorité considered that the competitive pressure exerted by those players, and the production capacities available in the market, would prevent the new entity from using its newly acquired position to raise prices permanently.
Recent Financial Performance
Trigano announced its financial results for the fiscal year 2024/2025, showing a recurring operating income of €335.9 million and an impressive increase in operating cash flow to €563.9 million.
In a fiscal year shaped by a decline in motorhome and caravan production due to the necessary adjustment of inventory levels in the distribution networks, Trigano improved its operating cash flow generation significantly to €563.9 million from €40.6 million in fiscal year 2023/2024, and posted recurring operating income of €335.9 million, representing 9.2% of sales.
VIII. Business Model Deep Dive
Manufacturing motorhomes is the Trigano Group's main activity, representing almost three quarters of its turnover. As a major European player, Trigano offers innovative vehicle ranges, geared towards the best features/price ratio.
Product Segmentation
The Trigano empire spans seven distinct product and service categories:
Leisure vehicles represent 95.3% of net sales, broken down as: motor-homes (83.6% of net sales; Europe's No. 1 automaker; 55,400 vehicles sold in 2023/24; Trigano, Challenger, Autostar, Arca, Chausson, Roller Team, Eura-Mobil, Karmann-Mobil brands, etc.), caravans (4.7%; 10,200 units; Sterckeman and Caravelair), mobile-homes (2.7%; 4,000 units; RĂ©sidences Trigano).
The remaining 4.7% comes from leisure equipment, primarily trailers (119,300 trailers sold in 2023/24; Erca, Sorel, Trelgo brands, etc.), garden equipment (swings, garden sheds, swimming pools; Abak, Amca, Yardmaster).
Customer Demographics
Composed mainly of young seniors (55-65 years old), the motorhome customer base is a quality clientele with free time and income allowing them to take full advantage of this type of leisure activity.
Seduced by the values conveyed by the motorhome (freedom, independence, conviviality, authenticity, economy, ecology), this clientele has the habit of leaving frequently, preferably out of season and outside traditional tourist circuits. The demographic growth of this core target group, which is expected to continue for several more years due to the ageing of the baby boom generation, provides a solid foundation for the development of the motorhome and other leisure vehicle market.
Value Positioning
Trigano offers products at generally modest prices, making them accessible to a broader audience, including first-time buyers and occasional campers.
This value positioning is strategic rather than accidental. The high inflation seen in 2022 strengthened Trigano's belief in the quality of its entry-level and mid-range product ranges positioning, enabling it to appeal to a budget-conscious clientele.
Organizational Structure
Trigano has created a parent company that facilitates the day-to-day running of the operating companies. This frees the operating divisions from the need to maintain technology systems, manage insurance, share best practice, define strategy and objectives, and manage new acquisitions, and allows them to focus on running the local business effectively.
This decentralized structure—corporate center for strategy and capital allocation, autonomous operating units for execution—mirrors successful holding company models like Berkshire Hathaway and Danaher.
IX. Porter's Five Forces Analysis
1. Threat of New Entrants: LOW
The European RV market exhibits high concentration with five leading manufacturers controlling the majority of motorhome and caravan sales, creating significant barriers to entry while enabling sustained pricing power. This oligopolistic structure reflects substantial capital requirements for manufacturing scale, dealer network development, and regulatory compliance under EU-type approval frameworks.
To successfully enter the European motorhome market, a new competitor would need: - Manufacturing facilities across multiple countries to address local preferences - Type approvals in each EU member state - Dealer networks built over decades of relationship investment - Brand recognition that takes generations to develop
2. Bargaining Power of Suppliers: MODERATE
The most significant supplier relationship is with chassis manufacturers—primarily Fiat, Ford, and Mercedes. Fiat Professional is one of the biggest suppliers of chassis for motorhome construction.
The sudden switch in early 2024 from a shortage to a surplus of chassis in the context of the transition from the Euro 6d to the Euro 6e standard led to overstocking of motorhomes in both manufacturing facilities and distribution networks.
This chassis dependency creates exposure to automotive industry disruptions. However, Trigano's scale—as the largest European manufacturer—provides some countervailing power.
3. Bargaining Power of Buyers: LOW-MODERATE
Individual consumers have limited negotiating leverage against established dealers. In 2023, Direct Buyers held a dominant market position with a 73.1% share. This substantial market dominance is primarily due to the increasing number of individuals and families investing directly in caravans and motorhomes as a lifestyle choice. Direct buyers are typically attracted by the freedom and flexibility these vehicles offer.
Brand loyalty in the RV market is meaningful—buyers often remain within brand families across multiple purchases. The integrated Libertium distribution network provides Trigano additional pricing power through vertical integration.
4. Threat of Substitutes: MODERATE
Hotels, Airbnb, traditional vacations, and simple car camping all compete for the same leisure spending. However, motorhomes offer a unique value proposition that is difficult to replicate:
This clientele is seduced by the attributes of the motorhome: freedom (you go where you want when you want), economy (you don't have to spend more than at home) and voluntary ecology (you limit your energy and water consumption).
5. Competitive Rivalry: LOW-MODERATE (Oligopolistic)
Trigano SA and Thor Industries lead, forming a duopoly at the top tier. Below them, family-owned brands and regional assemblers supply niche formats ranging from alpine-grade campervans to retro-inspired micro trailers.
In 2023, around 200,000 motorhomes and caravans were sold; five companies sell around 177,000 units. This represents 88% of the specific RV market—a concentrated market, an oligopoly. The two dominant companies are Trigano and Erwin Hymer (Thor) with more than 50% of the market.
X. Hamilton's 7 Powers Analysis
1. Scale Economies: STRONG
Leadership hinges on scale, distribution reach, and the ability to absorb electrification costs.
Trigano's 27-brand portfolio creates purchasing leverage across common components—appliances, upholstery, electronics, fasteners—that no single brand could achieve independently. R&D investments (particularly for electric vehicle development) can be amortized across multiple brands and markets.
2. Network Effects: WEAK
There are limited direct network effects in RV ownership. Some benefit accrues from dealer network density—more dealers mean better service coverage, which influences purchase decisions—but this is more appropriately classified under switching costs.
3. Counter-Positioning: MODERATE
Trigano offers products at generally modest prices, making them accessible to a broader audience, including first-time buyers and occasional campers. In contrast, Knaus Tabbert products are priced higher due to their premium quality, advanced features, and innovative designs.
Traditional premium European manufacturers (German brands particularly) cannot easily shift to value positioning without cannibalizing their existing customer relationships and dealer expectations. Trigano's multi-brand strategy allows it to compete across price points while maintaining brand integrity.
4. Switching Costs: MODERATE
Dealer relationships create meaningful B2B switching costs. Once a dealer has invested in showroom space, trained technicians, and inventory for Trigano brands, switching to competitors involves significant friction.
For end consumers, accessories and parts ecosystems create modest lock-in—buyers who have invested in brand-specific awnings, bike racks, and interior accessories are more likely to repurchase within the brand family.
5. Branding: STRONG
Auto-Sleepers, based in the Cotswolds, has built a strong reputation for producing stylish motorhomes since 1961.
Each acquired brand brings heritage and customer loyalty accumulated over decades. The multi-brand strategy captures different customer segments while preserving the emotional connections that drive repeat purchases in this category.
6. Cornered Resource: MODERATE
Along with Marie-Hélène Feuillet, François Feuillet holds 9,257,137 Trigano shares.
The Feuillet family's majority ownership ensures aligned incentives between management and shareholders. This founder-operator model has proven valuable across many industries—but unlike truly cornered resources (patents, exclusive licenses, unique geographic positions), this alignment could be replicated by competitors.
With more than 60 years' experience in manufacturing camping material, Trigano possesses institutional knowledge that cannot be quickly duplicated.
7. Process Power: STRONG
Vertical integration is a common strategy as leading OEMs acquire component suppliers to shield margins from input-cost swings.
Trigano's acquisition integration playbook—refined over 25+ years—represents genuine process power. The company has developed expertise in: - Identifying and valuing acquisition targets - Negotiating with distressed sellers and family owners - Integrating back-office operations while preserving brand autonomy - Capturing purchasing synergies across diverse brands
XI. Financial Performance & Playbook
Trigano posted sales of €3.7 billion in fiscal year 2024/2025 (down 6.8%).
The revenue decline reflects deliberate inventory management rather than demand weakness: In order to enable inventory levels to return to normal, Trigano reduced its motorhome production from the beginning of the fiscal year and adjusted the pace of deliveries.
Profitability
Despite this highly adverse environment, Trigano demonstrated its ability to maintain good quality results, with recurring operating income coming in at €335.1 million, or 9.6% of sales, at constant scope. Taking into account net financial expense of €12.2 million and corporate income tax of €85.4 million, consolidated net income amounted to €239.4 million.
Net profit margin for the last twelve months landed at 8.1%, a drop from the prior year's 9.7%.
Capital Allocation
This performance enabled Trigano to further strengthen its financial structure, with total equity increasing to €2,081.3 million (versus €1,915.1 million at August 31, 2024) and net cash of €279.2 million (representing an improvement of €234.6 million). Lastly, during the fiscal year, Trigano acquired BIO Habitat for a net cash consideration of €196.7 million, made investments totaling €43.2 million and paid dividends to shareholders in the amount of €67.5 million.
The capital allocation philosophy centers on: 1. Organic investment in production capacity and capabilities 2. Acquisitions to expand geographic and segment coverage 3. Dividends to return cash to shareholders 4. Maintaining financial flexibility through strong balance sheet
The Executive Board will propose to the General Meeting the payment of a gross dividend in the amount of €3.50 per share for the financial year ended 31 August 2024. The payment of this dividend has already been made: a first interim dividend of €1.75 per share was paid in May 2024, and a second interim dividend of €1.75 per share in October 2024.
Cash Flow Generation
Trigano generated recurring operating income of €335.9 million and operating cash flow of €563.9 million in fiscal year 2024/2025. Operating cash flow improved significantly to €563.9 million from €40.6 million in fiscal year 2023/2024.
The dramatic improvement in operating cash flow reflects the unwinding of inventory positions that had built up during supply chain disruptions.
XII. Bear vs. Bull Case
Bull Case
The Europe Motor Home Market is expected to reach USD 23.44 billion in 2025 and grow at a CAGR of 8.55% to reach USD 35.33 billion by 2030.
The demographic tailwind is powerful and predictable: According to European Commission statistics, Europe's over-50s population is set to grow by around 15 million by 2035; this trend is associated with an increase in healthy life expectancy and should fuel further market growth over the next few years.
Thanks to the demographic trend in the customer base, strengthened through the inflow of young active seniors, the increase in the useful life of the population and the development of vans, leisure vehicles should continue to attract more and more Europeans in the next years.
Oligopolistic market structure enables rational competition rather than destructive price wars. The European RV market exhibits high concentration with five leading manufacturers controlling the majority of motorhome and caravan sales, creating significant barriers to entry while enabling sustained pricing power.
The outlook for the coming season confirms this positive dynamic, which could be further amplified in the event of an interest rate cut. The Dealer Meetings currently taking place to launch the upcoming season's products already indicate a significant year-on-year rise in the order book.
Potential expansion into North America or Asia would represent significant optionality not currently reflected in valuation. European manufacturers such as Trigano and Knaus Tabbert expand export footprints, intensifying North American rivalry while cultivating Asia-Pacific dealerships.
Bear Case
Cyclical exposure to discretionary spending remains the primary risk. Motorhomes are big-ticket purchases typically financed over 10-15 years. Economic downturns, rising interest rates, or consumer confidence declines can sharply reduce demand.
More than 300 European municipalities now restrict older diesels. Germany's green sticker scheme and France's Crit'Air vignette are emblematic. The diesel fleet, therefore, faces route planning headaches, especially when spontaneous detours run through restricted zones.
Regulatory risk from environmental regulations, particularly diesel restrictions, could impair the value of the existing fleet and complicate new vehicle development. The transition to electric motorhomes remains technically challenging due to weight and range constraints.
Some expressed concern about the impact of the transaction on competition in the French mobile home market, particularly in view of the Trigano group's significant market share and the dense national network of its production sites after the transaction.
The French competition authority has periodically raised concerns about market concentration. While recent transactions have been approved, future acquisitions could face more stringent scrutiny.
XIII. Key Performance Indicators for Investors
For long-term fundamental investors tracking Trigano, three KPIs warrant particular attention:
1. European Motorhome Registration Growth
This top-line market indicator provides leading visibility into demand trends. In a demographic and lifestyle context that is buoyant for leisure vehicles, the European motorhome market saw registrations rise by more than 10% over the twelve months to the end of August 2024. The trend is particularly favourable for traditional motorhomes, which are outperforming in most countries.
Trigano's ability to grow faster than the overall market—gaining share—depends on execution across product, pricing, and distribution. But the market itself must first be growing for the business model to work optimally.
2. Recurring Operating Margin
Recurring operating income of €335.9 million, representing 9.2% of sales.
Operating margins reveal whether scale economies are being captured, whether pricing power is maintained, and whether the multi-brand model is delivering promised synergies. The 9-11% operating margin band represents healthy performance; sustained deviation outside this range warrants investigation.
3. Net Cash Position / Free Cash Flow Conversion
Net cash of €279.2 million (representing an improvement of €234.6 million).
Trigano's acquisition-driven strategy requires balance sheet flexibility. Strong free cash flow conversion enables opportunistic purchases of distressed assets without dilutive equity issuance. The working capital dynamics of the business—particularly inventory management across manufacturing and distribution—can create significant cash flow volatility that must be monitored.
XIV. Conclusion: The Quiet Empire
Ninety years after Edgard Trigano sold tent canvases to French workers enjoying their first paid holidays, his company has become Europe's largest manufacturer of recreational vehicles. The transformation from textile merchant to camping equipment distributor to caravan manufacturer to motorhome empire required navigating bankruptcy, bank control, management buyout, and serial acquisition.
François Feuillet's four-decade tenure demonstrated that disciplined capital allocation, founder-operator alignment, and patient roll-up strategies can create enduring competitive advantages in fragmented industrial markets. The playbook—acquire regional brands, maintain autonomy, integrate back-office operations, capture purchasing synergies—has proven remarkably durable.
There are still many challenges ahead, but the medium- and long-term outlook is positive for Trigano, its staff and its shareholders. The company will strive to maintain growth by pursuing the policy of gaining market share while guaranteeing quality margins.
For investors, Trigano offers exposure to several long-duration secular trends: aging European demographics, the shift toward experiential consumption, the desire for affordable family holidays, and the preference for flexibility over traditional tourism. The oligopolistic market structure provides pricing power, while the diversified brand portfolio reduces idiosyncratic risk.
The quiet empire continues to grow—one acquisition, one motorhome, and one freed senior at a time.
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