Investors Duke Street has sold the firm after seven years of ownership, passing it to venture capitalists Vitruvian Partners, which has interests in Travel Counsellors and Sykes Cottages and previously held stakes in Skyscanner and JacTravel.
The existing GRJ management team, led by chief executive Dave Riley, will continue in their roles.
GRJ was founded in York in 1973 as a family business focused on rail tours for UK travellers in the UK and around Europe. Sales increased from £88 million in 2018, when Duke Street invested, to around £175 million in the current financial year by extending the range of tours and source markets, including establishing a major presence in the US.
GRJ has more than 400 itineraries across more than 40 countries, predominantly aimed at the 55-plus demographic.
Duke Street invested in technology, building data analytics and digital marketing capabilities.
Riley said: “I would like to thank the Duke Street team for their support over the last seven years. The business has transformed in that time, becoming the leading multi-source travel business in our sector.
“We’ve tripled the size of our US business, achieved market leading growth in the UK, and grown beyond rail with the addition of our European river cruises and wider land touring programme. I look forward to working with Vitruvian to deliver on our growth ambitions.”
Ben Johnson, a partner at Vitruvian, said: “We’re excited to partner with Dave and his team and share their ambition for the company to become the global market leader in escorted travel, catering in particular for those at a stage in life with time to enjoy discovering magical destinations by rail and river.
“We recognise in Great Rail Journeys a business with many growth avenues and a very attractive demographic to continue to serve. We look forward to working with the team in the years ahead.”
