Riviera Travel has confirmed an investment by Phoenix Equity Partners.
Details of the transaction were not disclosed, but founder Michael Wright will remain at the company as non-executive director and a ‘significant’ shareholder.
Current managing director David Clemson will also retain his role, after joining in 2008.
Riviera Travel was founded in 1984 specialising in escorted tours and river cruises, with turnover growth of more than 20% per annum in the last few years. It handles holidays for more than 115, 000 people a year.
“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,” said Wright.
Clemson added: “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.”
Phoenix was advised by Duff & Phelps, Travers Smith and EY in the deal, while Riviera was advised by PwC Corporate Finance team in the Midlands and Wragge Lawrence Graham & Co.
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.”