The house owners of Riviera Travel, one in all Britain’s greatest suppliers of escorted overseas excursions for the over-55s, have employed bankers to organize a sale of the corporate.
Sky News understands that Silverfleet Capital, which has owned Riviera since 2017, has employed Baird, the funding financial institution, to supervise an public sale later this yr.
Riviera runs river cruises in addition to holidays to locations in Europe, India and South Africa.
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Founded in 1984 by Michael Wright, it was initially backed by non-public fairness agency Phoenix Equity Partners in 2014.
The worth of any potential deal was unclear on Friday, though components of the journey business have recovered strongly within the aftermath of the Covid pandemic.
The impending public sale of Riviera comes as Saga, the London-listed insurance coverage and journey group, explores choices for its personal cruise enterprise.
Saga confirmed in January that it was analyzing methods to launch capital from the division, which includes the Spirit of Adventure ships.
Riviera is one in all solely 4 remaining property within the Silverfleet portfolio, having as soon as been one in all London’s most distinguished mid-market non-public fairness buyers.
It additionally owns Sigma, an aerospace elements provider.
A spokesman for Silverfleet declined to remark.
Source: information.sky.com”