Houlihan Lokey Advises Diversity Travel

Houlihan Lokey is pleased to announce that Diversity Travel (Diversity), the international travel management company servicing the humanitarian, academic, and not-for-profit communities, has been acquired by Primary.

Under the leadership of founders Harish Sodha, Chris Airey, Matt Truin, and Sarah Burrows, Diversity has established itself as one of the leading providers of travel management services in its chosen segments, supporting more than 900 clients. Diversity 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’s management team as they continue the strong growth momentum the business has enjoyed on either side of the COVID-19 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.

Peter Liney, an experienced travel sector executive, also joins the company as Non-Executive Chair to support management and Primary in executing the growth story. Mr. Liney held strategic roles at British Airways prior to becoming CEO of STA Travel and, latterly, Great Rail Journeys. He is on the board of several other travel operators and a Trustee of English Heritage.

The investment into Diversity continues Primary’s strong track record of investing in high-quality B2B sector leaders. Alec Parkinson, Pete Lyons, and David Richard led the investment for Primary.

Chris Airey, Diversity CEO, said: “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.”

Alec Parkinson, Partner at Primary, commented: “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.“

Harish Sodha, Founder of Diversity, said: “The team at Houlihan Lokey was great through the entirety of the sale process, guiding the management team with continuous and high-quality support. Their deep knowledge of the travel sector coupled with their transaction experience were fundamental to achieve this great result. 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.”

Tom Barnard, Director at Houlihan Lokey, commented: "Harish, Chris and the Diversity Management team have built a fantastic business which has established itself as one of the leading providers of travel management services in the humanitarian, academic, and not-for-profit communities. We are delighted to have supported the shareholders on this transaction. Primary will be a great partner for the business to continue its strong international growth, and we look forward to following their progress in the years ahead.”

Houlihan Lokey served as the exclusive financial advisor to Diversity.