Mergers & Acquisitions

Great Rail Journeys Acquired by Vitruvian Partners

6619 Great Rail Journeys NT

M&A Engagement Overview

Industry Group: Consumer
Area of Focus: Travel 

It is rare that we see European travel businesses that have been able to grow their presence significantly in the U.S. Under Dave Riley’s stewardship and the backing of Duke Street, GRJ has become a leading operator across both the U.K. and the U.S. There is significant whitespace for GRJ to grow substantially, particularly in the U.S., where the long-term outlook for travel spend is incredibly positive.  

This transaction builds on our extensive experience in the travel sector, with successful cross-border collaboration driving strong global buyer interest. We are proud of our track record in delivering exceptional outcomes for our clients, especially in the post-COVID world. While the macro is less certain, we are continuing to see strong interest from investors in the travel sector, and we expect this to increase in the medium term. 

Harris Williams advised Great Rail Journeys, a portfolio company of Duke Street, on their sale to Vitruvian Partners. GRJ offers a curated portfolio of multi-modal, premium tours – by rail, river, and more – with approximately 400 itineraries to over 40 countries globally. The company predominantly caters to the 55+ demographic, a large and growing segment of the market with an enduring demand for differentiated travel experiences.

GRJ was founded in York, England in 1973 as a family-run business focused on rail tours in the U.K. and Europe for U.K. travelers. Notwithstanding the pandemic, the business has gone from strength to strength in recent years, growing total transaction values from £88m in FY18 to approximately £175m in the current financial year. This growth was achieved by significantly extending its range of tours, team, and source markets, making it a major player in the U.S. market for American travelers exploring the world with GRJ tours and guides. 

Alongside Duke Street, the leadership team, led by Dave Riley, have steered the business through a significant phase of investment into the tech platform, building first class data analytics and digital marketing capabilities. This investment has driven considerable success, which has manifested itself in standout customer feedback and a rapidly growing business with significant opportunity for long-term future growth. 

Contact the Harris Williams Consumer Group to learn more about this client engagement.

Harris Williams is a global investment bank specializing in M&A and private capital advisory services. Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality. We approach every engagement with boundless collaboration, pooling expertise and relationships across industries and geographies. For over 30 years, our clients have trusted us to think strategically, execute precisely, and deliver superior outcomes to help them grow.


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