At the end of the 1980s, the French winter sports industry experienced a serious downturn. At this stage, Caisse des Dépôts Group took a look at the sector. After several months of analysis of the strong points and potential risks, the Group decided to play a consolidating role in France.

From its formation in 1989 to its flotation in 1994, Compagnie des Alpes applied a strategfy based on strict respect of certain choice criteria. Withine a few years, the company became the world leader in the sector, by acquiring control of a serie of ski area operation companies in some of the most prestigious French resorts: Tignes, Les Arcs, La Plagne, Peisey-Vallandry, Les Menuires, and Les Grands Montets (Chamonix).

From its formation, Compagnie des Alpes set itself the objective of posting consistent, profitable growth with tight risk controls. Flotation on the Paris Second Marché on November 18, 1994 confirmed the viability of the development model.

This step enabled the compagnie to bring in other partners in market structuring, by accelerating the pace of acquisitions both in France (Méribel, Grand Massif and in 2004 Serre Chevalier) and abroad, first with a presence in Italy, at Courmayeur, end 1996. This expansion extended into Switzerland between 2000 and 2004, with acquisitions of stakes in Verbier, Saas Fee and Riederalp.

In june 2002, Compagnie des Alpes launched an agreed bid for Grévin & Cie, which offered full control of a new segment of activity : leisur parks. Between 2003 and 2006, a further five parks have been acquired and in may 2006, Compagnie des Alpes reaches its goal : the balance between the two business lines of the Group, with the acquisition of five new leisure parks in Europe included four operated under le Walibi brand.

On october 1, the CDA reached another step in its growth by taking control of the STVI, operator of the ski resort Val d'Isère and taking minority stakes in three other french ski areas. It reinforces its position as leader of this activity in Europe.