Gresham- and Ironbridge-backed company fails to stay afloat

Debt and declining consumer demand has sent Australia's Riviera Group into receivership. It marks the second private equity-backed yacht investment to sink in 2009, the first having been Candover- and Permira-backed Ferretti in February.

Australian boat builder The Riviera Group, a portfolio company of Australian private equity firms Gresham Private Equity and Ironbridge, has entered into voluntary receivership.

Founded in 1980, Riviera designs and builds luxury yachts between 33 feet and 70 feet in length. The boats are sold in Australia and exported to more than 30 countries, with the US being a significant overseas market.

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