Private equity firm gets onboard with cruise specialist

Riviera Travel, the Burton-upon-Trent business which specialises in cruises and tours, has been bought by European private equity firm Silverfleet Capital.

The value of the deal has not been disclosed, but reports in the summer gave Riviera a £250m price tag.

It replaces Phoenix Equity Partners as the majority shareholder. Phoenix’s exit comes just three years after it bought Riviera in a deal which valued the company at £120m.

David Clemson, chief executive of Riviera, said: “Riviera is now positioned as a premium tour operator for the over 55 year-old consumer.

“Having managed the development of the business over the past nine years, I look forward to leading Riviera through its next phase of growth.”

Riviera was founded by Michael Wright in 1984 and has grown to offer tours and cruises to 50 countries, attracting 118,000 customers each year. The business, which has a workforce of around 120 people, generated pre-tax profits of £13.6m on revenues of £136.5m last year.

Silverfleet Capital’s investment will be used to accelerate Riviera’s growth by focusing on developing the direct to consumer channel, investing in new ships and expanding its US customer base.
 
Gareth Whiley, partner at Silverfleet Capital added: “Riviera is a high quality, well-established business with a strong brand and value proposition.

“Silverfleet has long been attracted to the travel sector and the growing demographic that Riviera serves.”