Manchester-based Diversity Travel is looking to expand in the US and Europe after securing a “significant investment” from private equity firm Primary.
The travel management company specialises in servicing the humanitarian, academic and not-for-profit sectors for more than 900 clients and provides educational tours for student groups under the Diversity Study Trips brand.
As part of the deal, UK-based private banking company ThinCats provided debt funding.
Chris Airey, CEO at Diversity Travel, said: “We are excited to announce this investment and to partner with Primary and ThinCats as we embark on the next chapter of our development. We look forward to continuing to support customers and building Diversity into a truly global operator across the markets and geographies we serve.”
Michelle Heptinstall, Director Business Development at ThinCats, added: “The deal is a flagship transaction for ThinCats’ North West team and marks the start of a relationship with a highly regarded mid-market sponsor and local business. Our experience in funding high growth, sponsor backed deals, was critical to us delivering a competitive debt structure within the necessary timescales.”