Riviera Travel sold for undisclosed sum

Friday, 13 Dec, 2017 0

Riviera Travel has been sold by Phoenix Equity Partners to London-based private equity firm Silverfleet Capital for an undisclosed sum.

Silverfleet claimed it beat off competition from other private equity firms keen to buy the operator, which offers river and ocean cruises, city breaks and tours, focusing on the over 55s market, in over 50 countries.

Based in Burton-on-Trent, it carries around 118,000 passengers a year.

Silverfleet said it plans to expand the company’s fleet of ships and support its growth into new markets, including the US.

Gareth Whiley, partner at Silverfleet Capital with responsibility for Silverfleet’s investments in the retail, leisure and consumer sector said: "Silverfleet has long been attracted to the travel sector and the growing demographic that Riviera 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."

David Clemson, CEO of Riviera. added: "Having managed the development of the business over the past nine years, I look forward to leading Riviera 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."

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Linsey McNeill

Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk

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