PCP III has provided a seven year senior secured unitranche loan to support Phoenix Equity Partners’ acquisition of the UK-based escorted tour operator Riviera Tours Limited (“Riviera”).

Riviera primarily focuses on European destinations targeted at the over-55 age group. Established in the early 1980’s, the business has grown to become one of UK’s leading escorted tour providers and holds the No. 2 position in one of the fastest growing segments in the market, River Cruises. Riviera has revenues in excess of GBP 100 million and has significantly outgrown the market in recent years. Since inception, the company has been owned by its founder Michael Wright, who will remain a significant shareholder after Phoenix Equity Partners’ acquisition.

P Capital Partners believes that Riviera has a strong market position in an attractive segment of the overall travel market and that the company is well positioned to continue to grow through its strong proposition and efficient operations. We are looking forward to working closely together with Phoenix Equity Partners and management to continue to support the continued development of the business.

April, 2014