Capital investment firm Silverfleet Capital is buying a majority stake in cruise and escort tour company, Riviera Travel
Yesterday, the pan-European private equity firm entered into a binding contract to acquire a majority stake in company which operates tours for the over 55’s market.
The company provides European tour holidays, river and ocean cruises, city breaks, and long-haul tours with varied itineraries, currently offering tours and cruises to 50 countries, attracting over 118,000 customers per year.
The investment will enable ‘to accelerate its growth trajectory by focusing on developing the direct to consumer channel’ by investing in new ships; expanding its US customer base; and using its brand to help develop new holidays and experiences. This transaction represents the sixth investment completed by Silverfleet in its current fund, and the second within the retail, leisure and consumer sector since 1990.
Completion is expected shortly and the terms of the transaction were not disclosed.
David Clemson, chief executive of Riviera Travel said: “Having managed the development of the business over the past nine years, I look forward to leading Riviera Travel through its next phase of growth. Silverfleet Capital is a partner that comes with a significant and longstanding reputation for helping European businesses grow. I have known Gareth and the team for a long time and am convinced that with their support and substantial experience in the consumer sector, we can successfully achieve our goals and develop the company further.”
Gareth Whiley, Partner at Silverfleet Capital with responsibility for investments in the Retail, Leisure & Consumer Sector said: “ Silverfleet has long been attracted to the travel sector and the growing demographic that Riviera Travel serves. We are excited by the prospect of working closely with the highly experienced management team and using our knowledge of the sector to help Riviera continue to develop its brand and customer base.”