Travers Smith LLP has advised long-standing client Phoenix Equity Partners and management on their sale of Riviera Travel (Riviera) to Silverfleet Capital.
Founded in 1984 and based in Burton-on-Trent in the UK, Riviera is a major operator of escorted tours with a focus on the over 55s market. 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 continues to diversify its range of holidays and currently offers tours and cruises to 50 countries, attracting over 118,000 customers per year.
The Travers Smith team was led by Private Equity Partner Edmund Reed with support from Private Equity Associate Adrian Duncan, Tax Partner Russell Warren and Employment Senior Associate Ailie Murray.
Riviera was advised by PwC and LEK on commercial due diligence.
In December 2014, Travers Smith advised Phoenix on their investment in Riviera.