We have advised Vitruvian Partners, a global growth-focused investor, on its acquisition of Great Rail Journeys (GRJ), the leading provider of escorted tours, with Duke Street exiting as part of the transaction. Our combined team provided both M&A and debt advisory support.
With Vitruvian’s support, the management team of GRJ, led by CEO Dave Riley, intend to continue their sector leading growth trajectory, with a particular focus on the UK, US and other source markets, building on the Company’s strong position as a global provider of premium, experience-led travel.
GRJ was founded in York, England in 1973 as a family-run business focused on rail tours for UK travellers in the UK and around Europe. Notwithstanding the pandemic, the business has gone from strength to strength in recent years, growing total transaction values (TTV) from £88m in FY18 to c.£175m in the current financial year, by significantly extending its range of tours, team and source markets to also become a major player in the US market, and for American travellers exploring the world with GRJ’s tours and guides.
From its headquarters in York, GRJ offers a curated portfolio of multi-modal, premium tours – by rail, river and more – with c.400 itineraries to over 40 countries globally, predominantly catering to the 55+ demographic, a large and growing segment of the market with an enduring demand for differentiated travel experiences. With its trusted brand, customer-centric business model and highly differentiated product, GRJ achieves exceptional NPS and customer satisfactions scores.
Clearwater team:
M&A: Christopher Jones, Charlotte Astleford, Luke Murphy, Alexander Wheble, Charlie Rougier
Debt Advisory: Richard Clark, Ben Crowe, Constantinos Ellinas, Lucy Lagrosse
