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

LONDON, April 8, 2025 /PRNewswire/ -- 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."

About Bayside Capital

Bayside Capital is the special situations affiliate of H.I.G. Capital. Focused on middle market companies, Bayside invests across several segments of the primary and secondary debt capital markets with an emphasis on long term returns. With eight offices throughout the U.S. and Europe and over 500 investment professionals to draw upon, Bayside has the experience, resources, and flexibility required to generate superior risk-adjusted returns. For more information, please refer to the Bayside website at bayside.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $68 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and affiliates.

Contacts:

Duncan Priston
Co-Head of Bayside Europe
dpriston@bayside.com

Andrew Scotland
Co-Head of Bayside Europe
ascotland@bayside.com

H.I.G. Capital
10 Grosvenor Street
2^nd Floor
London W1K 4QB
United Kingdom
P: +44 (0) 207 318 5700
hig.com 

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