Harris Williams & Co. Ltd Advises Duke Street Private Equity on its Acquisition of A-ROSA

February 9, 2018

Harris Williams & Co. Ltd, a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces that it advised Duke Street Private Equity (Duke Street) on its acquisition of A-ROSA. The transaction was led by Edward Arkus, Will Bain and Danielius Uznys of Harris Williams & Co.’s Consumer Group.

“A-ROSA is a leading river cruise business in Europe benefitting from strong brand recognition, a loyal customer base and favorable market trends,” said Edward Arkus, a managing director at Harris Williams & Co. “We are delighted to have advised Duke Street on this transaction, and with their backing, we look forward to seeing A-ROSA’s continued growth in the months and years ahead.”

Will Bain, a director in the firm’s Consumer Group, added, “As a firm we continue to see intense activity across the travel sector in Europe. This is the third sizeable transaction in the European travel sector that Harris Williams & Co. has advised on in the past 14 months; the other two being the acquisition of Riviera Travel for Silverfleet Capital and the sale of Leisure Pass Group for Primary Capital.”

Charlie Troup, managing partner at Duke Street, said, “Harris Williams & Co. provided valuable input and insight throughout the entire process and we appreciate all of their hard work to make the transaction a success. We are thrilled to be partnering with A-ROSA in this next phase of growth.”

Duke Street is a leading operationally focused European mid-market buyout group. Founded in 1988, it invests across four sectors: healthcare, services, consumer and industrials. Duke Street has a proven model of value creation by successfully transforming businesses through implementing operational change and buy-and-build, having made approximately 60 bolt-on acquisitions for its portfolio companies. Duke Street has invested over €2.5 billion in more than 50 companies over the last 25 years and has achieved strong returns in excess of 20% IRR throughout the cycle. A-ROSA is the second investment from its Cornerstone Fund raised in 2017.

A-ROSA is a market leader in the premium segment for river cruises on Europe’s Danube, Rhine/Main/Moselle, Rhône/Saône and Seine rivers. Based in the northern German city of Rostock and in Chur, Switzerland, A-ROSA has approximately 600 employees and operates a fleet of 11 high quality vessels. More than 85,000 passengers travelled on board A-ROSA cruises in 2017. The company has, to date, enjoyed a very strong following in its German home market, as well as growing positions in other consumer markets, including the UK. Benefitting from a growing base of affluent older consumers, the river cruise segment performed strongly in the last economic downturn. The A-ROSA brand is highly regarded, with a modern, innovative river cruise fleet and exclusive agreements with key travel agencies.

Harris Williams & Co. (www.harriswilliams.com), a subsidiary of the PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.

Harris Williams & Co.’s Consumer Group has completed more than 50 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams & Co.’s Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams & Co. website.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.