Great Rail Journeys acquired by Vitruvian Partners
Vitruvian Partners supports high growth, specialist premium tour operator Great Rail Journeys in a buyout from Duke Street.
Great Rail Journeys Ltd, leading provider of escorted tours, announces that Duke Street has realised its investment through a buyout led by Vitruvian Partners.
Through Vitruvian's support, the management team of GRJ, led by CEO Dave Riley, will 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.
Since 2018, Duke Street has invested significantly to provide the platform for the business to scale globally. The leadership team, led by Dave Riley who joined the business in 2018 (first as CFO, then CEO from 2022), is highly experienced and customer focused. They have steered the business through a phase of investment into the tech platform, building first class data analytics and digital marketing capabilities, creating a platform for future growth.
Vitruvian Partners is one of the most active global investors in the travel and travel tech sector, with current investments including Travel Counsellors, Sykes Cottages, Civitatis, Klook and OAG, in addition to highly successful prior investments in Skyscanner and JacTravel.
Dave Riley, CEO of Great Rail Journeys, said: 'I would like to thank the Duke Street team for their support over the last seven years. The business has transformed in that time becoming the leading multi-source travel business in our sector. We've tripled the size of our US business, achieved market leading growth in the UK, and grown beyond rail with the addition of our European river cruises and wider land touring programme. For 50 years, we've set the standard in escorted tours for both new and returning customers and I am excited about the next chapter of our journey. I look forward to working with Vitruvian to deliver on our growth ambitions.'
Jason Lawford, Partner, Duke Street, commented: 'Great Rail Journeys has been a highly successful investment for Duke Street. Under our ownership, we have supported the business to unlock its full potential through several growth initiatives. Together with an exceptional management team, we have implemented a digital transformation programme, expanded the business to the US through a strategic acquisition, diversified into the river cruise and luxury travel markets, and consolidated the brand portfolio. Profits have since doubled, and the business's bottom line continues to accelerate. We wish the new owners and the management team behind this well-loved travel brand the very best for the future.'
Ben Johnson, Partner at Vitruvian Partners, said: 'We are excited to partner with Dave and his team and share their ambition for the company to become the global market leader in escorted travel, catering in particular for those at a stage in life with time to enjoy discovering magical destinations by rail and river. We recognise in Great Rail Journeys a business with many growth avenues and a very attractive demographic to continue to serve. We look forward to working with the team in the years ahead.'
Duke Street was advised by DLA Piper (legal), Harris Williams (corporate finance) and Seven Dials City (communications).
Vitruvian Partners was advised by Clearwater (Corporate Finance and Debt Advisory). Mayer Brown provided legal advice, alongside due diligence support from FTI Consulting, CG Consultancy and Palladium.
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