Founded in 2008 with headquarters in Manchester, Diversity is a leading travel management company focused on servicing the humanitarian, academic and not-for-profit sectors for more 900 clients. 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 equity finance alongside ThinCats’ debt funding will support Diversity’s strong post-covid momentum as the business seeks to expand its presence in the US and European markets. 

Alec Parkinson, Pete Lyons and David Richard led the investment for Primary. Michelle Heptinstall, Stephen Gater and Anna O’Neill led the debt funding team at ThinCats. 

We are excited to announce this investment and to partner with Primary and ThinCats 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

Chris Airey, Diversity CEO

Alec Parkinson, Partner at Primary: “We are thrilled to be working with Chris and the Diversity team to support the company’s next stage of growth. It is also great to be working with Michelle and the ThinCats debt funding team who share our vision for Diversity’s growth potential.”  

Michelle Heptinstall, Director, Business Development at ThinCats: “We are delighted to be partnering with Primary and the Diversity management team with their exciting growth plans for the business. The deal is a flagship transaction for ThinCats’ North West team and marks the start of a relationship with a highly regarded mid-market sponsor and local business. Our experience in funding high growth, sponsor backed deals, was critical to us delivering a competitive debt structure within the necessary timescales.”  

ThinCats was advised by Pinsent Masons. Diversity was advised by Houlihan Lokey, Addleshaw Goddard and Travel Trade Consultancy. Primary was advised by Clearwater International, Cooley and Evelyn Partners. Alvarez & Marsal, Kroll, Travology, Highwire and Vista provided due diligence services.