Barings, one of the world’s leading financial services firms, announced it served as lead agent and sole lender on a senior secured credit facility to support London-based Duke Street’s investment in Great Rail Journeys. In addition to the initial term loan extended by Barings, the credit agreement also includes an accordion facility allowing the borrower to tap additional capital as needed.
Established in 1974 and headquartered in York, England, Great Rail Journeys is the world’s leading provider of escorted rail holidays, catering primarily to a growing demographic of 55-plus travelers with nearly 400 tours offered across destinations in the U.K. and Ireland, Europe, the Americas, Asia-Pacific and Africa. The company booked vacation tours for more than 50,000 travelers last year.
“Duke Street is pleased to have the support of Barings’ global private finance team on our investment in Great Rail Journeys,” said Paul Adams, investment director at Duke Street. “Barings’ understanding of Great Rail’s business model and its ability to fund the entire credit facility helped expedite the process and provide certainty of closing in a timely manner.”
“Barings appreciates the opportunity to partner with Duke Street on its investment in Great Rail Journeys and we look forward to additional opportunities to work together in the near future,” said Matt Carty, director at Barings. “We are excited about Great Rail’s prospects for continued growth globally and believe Duke Street’s deep leisure sector experience will help the company execute on the expansion of its rail tour business in promising source markets like the U.S. and the launch of its unique rail-based river cruise offering.”
About Duke Street
Duke Street Private Equity has been investing in mature, mid-market Western European businesses for over twenty years, concentrating its investment strategy on four sectors: Consumer, Healthcare, Industrials & Engineering and Services. Duke Street invests in companies with an enterprise value of between £50m – £250m. To learn more, visit www.dukestreet.com.
About Barings
Barings is a $306+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries. Learn more at www.barings.com.
