Wragge Lawrence Graham & Co has advised Riviera Travel (Riviera) on a significant investment made into the company by private equity firm, Phoenix Equity Partners.

Based in Burton-upon-Trent, Riviera is the leading UK tour operator providing overseas escorted holidays and river cruises. Riviera was set up by owner Michael Wright 30 years ago and he and Claire, his wife, are its principal owners.

Head of Enterprise Services, Andrew Lawton Smith, led the Wragge Lawrence Graham & Co team, made up of solicitor Dan Shilvock (Corporate), associate Paul Harrington (Tax and Funds) and junior lawyer Emma Dunnill (Corporate). The team advised on all aspects of the deal, including the private equity auction process which attracted interest from several major European buyout funds and the detailed final negotiation with Phoenix.

Andy said: "We're pleased to have supported Michael and Claire in this very successful transaction; in helping them to retain a substantial stake in their business, while perhaps now being freer to take more of a 'backseat', from which they might enjoy some of the fruits of all their hard work.

"Our team gets a massive buzz in supporting hugely successful entrepreneurs, such as Michael, and their families, as they transition from being the very heart and soul of their self-made business to the next phase of that relationship."

Michael Wright becomes a non-executive director of the new holding company of Riviera and remains a significant shareholder and investor.

Michael commented: "I was really impressed with the whole team's approach and, in particular, Andy's leadership of the team of the project. He has a reassuring quality and the ability to explain complex and unfamiliar points in ways I could understand. I felt "in touch" with the process throughout.

"Just as importantly to me, he quickly established a strong rapport and mutual trust with my future partner/investor and their advisors, which meant the process only needed to focus on the key points, was not be diverted or delayed by irrelevancies and the process stayed on track. In short, he held my confidence throughout. Well done!"

In 2013 Riviera posted pre-tax profits of almost £10 million from sales of £106 million. It will continue to be led day-to-day by David Clemson, who has been managing director at the company since 2008.

This is the international law firm's first major instruction on behalf of Riviera. "We would be delighted to continue our association with the Wright family and the business in the future. We are very proud to be associated with such a much-loved business and such great people!" commented Andy.

Wragge Lawrence Graham & Co's 60-strong Corporate team has extensive experience across the full spectrum of corporate advice, including equity capital markets on AIM and the Full List, investment funds, private equity and both public and private mergers and acquisitions.