RJD completes sixth exit from its first fund with the sale of the operations of European Boating Holidays

RJD Partners ("RJD") has sold the operations of European Boating Holidays (“EBH”), the largest independent operator of European inland waterway boating holidays, to a French syndicate-backed management buy-in, led by Serge Naim and financed by Avenir Entreprise and AMS Industries.

The value of the transaction was undisclosed.  EBH is the sixth realisation from RJD’s first fund, RL Private Equity Fund I, which closed in April 2004.  The remaining Fund I investments are ISG Technology and Equidebt.

In July 2006, RJD led the simultaneous acquisition of Locaboat, the largest independent operator of European inland waterway boating holidays, and Cardinal Cruisers, a specialist operator focused on the German market, thus establishing EBH.  RJD backed Keith Gregory, then owner and founder of Cardinal Cruisers, who has over 35 years experience of successfully running European boating holiday businesses including 10 years as Chief Executive of Crown Blue Line, to lead the business.

Following RJD’s investment, the business has benefited from a high level of repeat bookings and the growing trend towards activity based holidays. Since the buy-in, the business has made one bolt-on acquisition and has expanded into new countries such as Poland.

RJD has a strong track record of investing in the leisure & consumer services sector, recently backing portfolio company Verdant Leisure, an owner and operator of holiday parks, in making two bolt-on acquisitions within six months, and was previously invested in Academy Music Group, an owner and operator of UK live music and club venues, including the Brixton Academy and Shepherd’s Bush Empire, successfully exiting the investment in 2007.

Richard Caston, Partner, RJD Partners comments: "It’s encouraging to see that bookings at European Boating Holidays have been resilient despite the difficulties in the Eurozone, which is a testament to the management team and the quality of the holidays they provide."

Keith Gregory, Chairman, European Boating Holidays says: "We have enjoyed working with RJD whose input into the strategic management of the business over the last 5 years has been invaluable.  The company is very well placed for the next phase of development under its new management and ownership."

RJD Partners was advised by Lincoln International (corporate finance advice) and Eversheds (legal advice).

The contents of this news release are intended for information purposes only. RJD Partners Limited does not provide investment advice and we strongly recommend that before making any decision to invest or engage in any investment activity, you should obtain proper professional advice. See our full terms & conditions.  RJD Partners Limited is authorised and regulated by the Financial Services Authority in the conduct of investment business in the UK. RJD Partners Limited is registered in England and Wales No. 04245768. Registered office: 8/9 Well Court, London EC4M 9DN.