Royal Caribbean Group has confirmed the sale of the Azamara luxurious cruise line for $201 million.
The cruise line mentioned the all money private-equity take care of Sycamore Companions would enable it to concentrate on core operations after nearly a yr out of the water following the Covid-19 pandemic.
Royal Caribbean chief monetary officer, Jason Liberty, mentioned the deal was not pushed by monetary necessity and that the bigger line had thought-about promoting the model earlier than the well being disaster.
The corporate will search to increase its core Royal Caribbean Worldwide, Superstar Cruises and Silversea manufacturers after the sale, in keeping with Royal Caribbean, which additionally operates TUI Cruises and Hapag-Lloyd Cruises beneath a three way partnership.
Underneath the transaction, anticipated to shut within the first quarter, Sycamore will purchase all three Azamara ships and mental property akin to the brand and slogan, the corporate added.
“We’re happy that Royal Caribbean Group has entrusted Sycamore to help Azamara in its subsequent section of progress,” mentioned Stefan Kaluzny, managing director of Sycamore Companions.
“We’re excited to accomplice with the Azamara group and construct on their a few years of success serving the model’s loyal clients.
“We consider Azamara will stay a best choice for discerning travellers because the cruising business recovers over time.”
Royal Caribbean in December mentioned it offered two ships in its Royal Caribbean Worldwide fleet.
The corporate will come out of the take care of three fewer ships than its 61-ship fleet in 2019 after taking two ship deliveries and exiting a three way partnership for Pullmantur Cruceros, which filed for reorganisation beneath Spanish insolvency legal guidelines in 2020.
Azamara, established by Royal Caribbean in 2007, represents about 1.5 per cent of its capability and is the smallest among the many manufacturers it owns.
Lengthy-time Azamara chief govt, Larry Pimentel, stepped down from his position on the firm on the outset of the Covid-19 disaster final yr.
