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Travers Smith advises on the sale of Great Rail Journeys


Travers Smith has advised long-standing client ECI Partners on the sale of Great Rail Journeys to Duke Street Private Equity generating a 3.6x return.

The Travers Smith team was led by Private Equity Partners Edmund Reed and Jim Renahan and also included Tax Partner Russell Warren, Finance Partner Andrew Gregson, Private Equity Associates Sally Hirst and Robert Coward, Tax Associate Ed Humphreys, Finance Associate Andrew Surgey and Employment Senior Associate Ailie Murray.

Great Rail Journeys is the world’s leading provider of escorted rail holidays. Based in York, United Kingdom, it offers almost 400 itineraries to over 50 countries globally. Great Rail Journeys caters for a growing demographic group of culturally interested 55+ year old travellers who typically prioritise travel spend within their household budgets.

Great Rail Journeys was advised by Duff & Phelps (corporate finance), PwC (commercial) and Deloitte (financial and tax).

Duke Street Private Equity was also advised by Ropes & Gray (legal), Harris Williams (corporate finance) and Alvarez & Marsal (financial and tax).

ECI Partners is the partner of choice for dynamic, mid-sized growth businesses in the United Kingdom. The firm has raised 10 funds over its 42-year history, realized 105 exits since 1990 and generated an average IRR of 36% since 1990. With offices in London and Manchester, ECI Partners invest in management buyouts, buy-ins and acquisition finance deals of growth companies valued between £20 million and £150 million. ECI Partners currently manages over £1 billion on behalf of institutional investors.

Duke Street is a leading operationally focused European mid-market buyout group, concentrating its investment strategy on four sectors: Consumer, Healthcare, Industrials & Engineering and Services.

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