Clearwater International advises Primary on its investment in Diversity Travel

Clearwater International has advised Primary Capital Partners (Primary) on its investment in Diversity Travel, the international travel management company servicing the humanitarian, academic and not-for-profit communities.

Under the leadership of founders Harish Sodha, Chris Airey, Matt Truin and Sarah Burrows, Diversity Travel has established itself as one of the leading providers of travel management services in its chosen segments, supporting over 900 clients. Diversity Travel has a comprehensive suite of technology-led services providing specialist content alongside additional tools, enabling clients to increase traveller policy compliance and fulfil their duty of care obligations. The business also uses its deep experience of academic travel to provide educational tours for student groups under the Diversity Study Trips brand.

Primary’s investment will support Diversity Travel’s management team as they continue the strong growth momentum the business has enjoyed either side of the COVID pandemic and seek to expand its presence in the US and European markets.

Primary has provided significant equity finance alongside management, with ThinCats providing debt facilities to support the buyout. Clearwater International’s Debt Advisory team led the process to secure the debt facilities.

The transaction is Clearwater’s second travel sector deal of the summer, with the team also advising ICG on its June 2023 investment in Direct Ferries.

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Adviser to Primary on its investment in Diversity Travel
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We are excited to announce this investment and to partner with Primary 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.

Chris Airey, CEO, Diversity Travel

Diversity provides global travel management services for some of the world’s leading humanitarian and academic organisations, with a clear customer-focused service proposition and a strong track record of growth. We are thrilled to be working with Chris and the Diversity team to support the company’s next stage of growth through investment in technology, international expansion and service offering development. Clearwater’s deep understanding of the business , the sector and the debt market was invaluable throughout the transaction and we would like to thank them for their exceptional support and advice.

Alec Parkinson, Partner, Primary

I am deeply proud of the organisation we have built since founding Diversity in 2008. Primary shares our vision for the business and, with their support, I look forward to seeing Diversity continue to thrive and offer a world-class service to the programmes and clients with whom we work.

Harish Sodha, Founder of Diversity

We are thrilled to have advised Primary on this transaction. Our team’s relationship with Diversity Travel stretches back almost a decade, so we were in a privileged position to help bring the transaction together. Knowing both sides so well it was always clear to us that Primary and Diversity are a great fit for each other – we have little doubt that the business will continue to flourish with Primary’s support. This transaction represents the first post pandemic private equity investment in a travel management company – a really positive and important step in the recovery of the sector.

Christopher Jones, Managing Partner, Clearwater International

Thoroughly pleased for Primary and the team on the completion of its investment in Diversity and great to work alongside our colleagues in the M&A team to secure this result. ThinCats provided a highly suitable debt package for Diversity, which supports its long-term goals. We very much enjoyed working with both Primary and the business and look forward to seeing what’s to come.

Tom Barnwell, Partner, Clearwater International