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.