H.I.G. Bayside Capital Europe (“Bayside”), the European alternative credit affiliate of H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $68 billion of capital under management, is pleased to announce its financing of Riviera Travel (“Riviera” or the “Company”), an award-winning global travel brand specialising in guided tours, cruises, and solo holidays backed by Silverfleet Capital (“Silverfleet”). The new five-year, £125m unitranche term loan is being provided by Bayside and Triton Debt Opportunities (“Triton”).
Headquartered in the United Kingdom, Riviera has been curating travel experiences for over 40 years. The Company focuses on the over-60s market and has built an excellent reputation for quality, value for money, and exceptional customer service. Riviera offers approximately 170 unique itineraries for tours and cruises, spanning over 45 countries globally.
The new five-year facility refinances the existing term loan, and provides a solid platform for Riviera’s management team, led by Chief Executive Officer Phil Hullah, to build upon the impressive growth achieved since the Company’s acquisition by Silverfleet.
David Whatley, Chief Financial Officer at Riviera, commented: “We are delighted to partner with Bayside and Triton for this exciting next phase of growth. This partnership will enable us to continue investing in our business to enhance the customer experience, develop and improve our itineraries, and execute our strategic growth plans.”
Mathilde Malezieux, Managing Director at Bayside, commented: “Riviera has been an impressive success story resulting in high, sustainable growth in an attractive market segment. Bayside’s capital solutions loan refinances Riviera’s existing debt and provides the flexible capital structure to support the continued growth of the business. We are looking forward to working with the team at Riviera on the next phase of its growth journey.”
