#H.I.G. Capital #London #United Kingdom #Bayside Capital #Riviera Travel

H.I.G. Bayside Capital Europe Completes Refinancing of Riviera Travel

In a significant move for the travel sector, H.I.G. Bayside Capital Europe, part of the prominent global investment firm H.I.G. Capital, has announced the successful refinancing of Riviera Travel. This landmark deal, valued at £125 million, aims to bolster the financial health of the awarding-winning tour operator, allowing it to continue its impressive growth trajectory.

Overview of the Refinancing Agreement

H.I.G. Bayside Capital, known for its expertise in alternative credit solutions, has structured a five-year unitranche loan to support Riviera Travel's operations. This refinancing agreement will not only replace the existing term loan but also provide the necessary liquidity for continued investment in enhancing customer experiences.

David Whatley, Chief Financial Officer at Riviera Travel, expressed enthusiasm about the partnership, stating, “We are delighted to partner with Bayside and Triton for this exciting next phase of growth.” With over 40 years of experience in curating travel experiences, Riviera Travel has built a reputation for quality and exceptional customer service, particularly targeting the over-60s demographic.

About Riviera Travel

Since its inception, Riviera Travel has established itself as a formidable player in the global travel market. Specializing in guided tours, cruises, and unique holiday experiences, the company offers roughly 170 distinct itineraries across more than 45 countries worldwide. Their success is not only attributed to their diverse offerings but also to their strong commitment to customer satisfaction.

Benefits of the New Financing

The newly secured funds will enable Riviera's management, led by CEO Phil Hullah, to refine and enhance its travel itineraries and customer engagement strategies. With a focus on growing their market segment, the management team intends to leverage the partnership and pursue strategic initiatives for sustained growth.

Mathilde Malezieux, Managing Director at Bayside, emphasized the growth potential of Riviera Travel, stating, “Bayside's capital solutions loan refinances Riviera's existing debt and provides the flexible capital structure to support the continued growth of the business.” This sentiment highlights the mutual benefits of the partnership, aimed at maximizing the travel operator's potential in an increasingly competitive market.

H.I.G. Capital's Commitment to Growth

As one of the largest alternative investment firms globally, H.I.G. Capital manages an impressive $68 billion in assets. Focused primarily on mid-sized companies, their investment strategy encompasses both debt and equity, designed for long-term value creation and operational improvements.

Bayside Capital’s ability to identify and nurture successful businesses positions them as a reliable partner for Riviera Travel. This partnership reflects H.I.G.'s commitment to fostering growth within the travel sector, indicating a promising future for both entities.

In Conclusion

The refinancing of Riviera Travel marks a pivotal moment for the company as it embarks on the next stage of its growth journey. With strategic investments aimed at elevating customer experiences and expanding global reach, Riviera Travel is poised to maintain its status as a leader in the travel industry. H.I.G. Bayside Capital's involvement offers a solid foundation for both immediate operational needs and long-term ambitions, spelling good news for travelers and stakeholders alike.