ROYAL CARIBBEAN TO SELL AZAMARA CRUISES
January 19, 2021
Royal Caribbean have announced they have reached an all cash deal with Sycamore partners, a private equity firm who specialise in consumer, retail and distribution investments.
The deal, said to be worth $201 million dollars subject to closing conditions will include the entire Azamara Brand; the 3 ships in the fleet as well as all brand and intellectual property. The sale is due to be complete in the first quarter of 2021.
The Royal Caribbean Group has said the sale will allow them to focus on expanding it’s Royal Caribbean, Celebrity Cruise and Silversea Brands.
“Our strategy has evolved into placing more of our resources behind three global brands, Royal Caribbean International, Celebrity Cruises and Silversea, and working to grow them as we emerge from this unprecedented period,” said Richard D. Fain, Chairman and Chief Executive Officer of Royal Caribbean Group. “Even so, Azamara remains a strong brand with its own tremendous potential for growth, and Sycamore’s track record demonstrates that they will be good stewards of what the Azamara team has built over the past 13 years.”
Sycamore’s managing director Stefan Kaluzny said: “We are pleased the Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth. We are excited to partner with the Azamara team and build on their many years of success serving the brand’s loyal customers. We believe Azamara will remain a top choice for discerning travelers as the cruising industry recovers over time.”
Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand thus ensuring Azamara’s value proposition and operations will remain consistent with the standards they offer currently.