Rothschild and Accor snap up firm behind French Open and Le Mans

AccorHotels and Edmond de Rothschild Investment Partners are in talks to take control of the luxury French events organiser behind the Le Mans motor race and the French Open tennis tournament.

The French hotel group and private equity arm of the family-owned bank said they are in "exclusive negotiations" with Potel & Chabot's to buy into the business for an undisclosed sum.

Potel & Chabot, founded in Paris in 1820 by a royal cook and a pastry chef, hosts major business and cultural events such as Le Mans, the French Open and the Biennale des Antiquaires art show.

It hosted more than 10,000 receptions around the world last year, taking in sales in excess of €100m (£86m, $109m).

The firm, which employs 550 permanent staff, said over the last seven years it has expanded operations into the Middle East, China, Brazil and the UK.

Edmond de Rothschild partner Sylvain Charignon said: "Undeniably, as the standard in the ultra-luxury segment, the group possesses all the attributes needed to secure new events and continue its expansion both in France and at international level."

The agreement will hand Edmond de Rothschild a 51% stake in the event group, with Accor taking 40%.

Potel & Chabot chairman and chief executive Franck Jeantet said the deal "will enable us to support our growth in the luxury hospitality industry both in France and internationally".