River and escorted tour operator Riviera Travel has confirmed investment by Phoenix Equity Partners, a private equity firm.
The company, which was founded in 1984, will continue to be led by David Clemson. Michael Wright, who founded Riviera, will remain with the company as a non-executive director and significant shareholder.
Of the deal, Wright said: “I am delighted to welcome Phoenix as a new investor in Riviera. 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 Clemson, managing director of Riviera, commented: “I am very excited that Phoenix is investing in the business. They have strong experience of the leisure sector and, most importantly, it will be business as usual as we move into the busy booking season in January.”
David Burns, managing partner at Phoenix, added: “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, corporate finance partner at PwC in the Midlands, who led the advice to Riviera’s shareholders, commented: “Riviera is an outstanding business with great growth prospects and this investment will allow the brand to continue its significant international expansion. The company is a great example of a Midlands based business which has grown to be consistently the best in its class. Phoenix’s investment is testament to this and also demonstrates the growing quality of investment opportunities we are seeing across the Midlands.”