The UK PwC Retail, Consumer and Leisure Corporate Finance team is pleased to announce the sale of Riviera Tours Limited ("Riviera Travel") to Silverfleet Capital. PwC Corporate Finance acted as lead financial advisor to Riviera Travel. PwC Transaction Services also provided sell side VDD services to Riviera Travel.
Riviera Travel is a major operator of escorted tours for the over 55 customer demographic. The Company provides European tour holidays, river and ocean cruises, city breaks, and long-haul tours with varied itineraries combining leisure with education and entertainment. Riviera Travel currently offers tours and cruises to 50 countries and continues to diversify its range of holidays, attracting over 118,000 customers per year.
The Corporate Finance team was led by Rick Jones and Alex Priestley, with deal management and support from Oliver Connolly, Rich Sanders, Simon Moore and Olivia Lonsdale.
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. PwC ran an efficient process, supported us through every phase of the transaction and achieved a good outcome for the business.
This is a great outcome for both Phoenix Equity Partners and the management shareholders, and the business is well positioned with Silverfleet to continue its strong growth in both existing and new international markets. We are proud to have contributed to this successful transaction.