Phoenix Equity Partners takes stake in travel firm
MANCHESTER private equity firm Phoenix Equity Partners has added a Midlands travel company to its portfolio
Following the deal, Burton on Trent-based Riviera, a provider of overseas tour holidays and river cruises, will be led by David Clemson who joined the business in 2008 and continues as managing director.
Michael Wright, the founder of Riviera, will remain with the business as a non-executive director and as a significant shareholder. The terms of the transaction were not disclosed. Riviera, founded in 1984, carried more than 115,000 passengers this year.
Manchester-based Phoenix Equity Partners invests in medium-sized companies. Its investment portfolio includes businesses such as The Gym, auto parts supplier Andrew Page and logistics firm Palletways.
Riviera founder Wright said: “Phoenix is very experienced at partnering with founder-owned businesses. Together, we shall continue to focus on providing exceptional service for our loyal customers, developing our successful portfolio of tours and river cruises, and creating opportunities in the business for staff at all levels.”
David Burns, managing partner at Phoenix, said: “Riviera is an exceptional company, with a wonderful culture and very loyal customers. We are delighted to be partnering with Michael and David, and to be investing to grow the business.”
Matt Waddell, a corporate finance partner at PwC, who led the advice to Riviera’s shareholders, said: “Riviera is an outstanding business with great growth prospects and this investment will allow the brand to continue its significant international expansion.”
Riviera was advised by PwC and law firm Wragge Lawrence Graham & Co. Phoenix was advised by Duff & Phelps, Travers Smith and EY.
