Private equity fund manager Pegasus Capital Advisors is buying Bangkok-based ultra-luxury resort and spa business of Six Senses Resorts & Spas for an undisclosed sum, the firm announced Tuesday. Financial terms of the deal were not released.
Pegasus Capital Advisors L.P., a US-based private equity fund manager, through one or more of its affiliates, has entered into a binding agreement to acquire the Bangkok-based ultra-luxury resort and spa business of Six Senses Resorts & Spas for an undisclosed sum. Under the terms of the deal, Pegasus will acquire all of the Six Senses and Evason branded resort and spa management contracts and related intellectual property rights and operate them under a new company managed by Pegasus and its affiliates.
Bernhard Bohnenberger, currently the president of Six Senses, will be continuing in that role and heading the Six Senses’ Bangkok office.
“Six Senses is known around the world for providing a unique and innovative guest experience,” commented Craig Cogut, founder, Pegasus Capital Advisors. “The brand has a great heritage, and we believe it is strongly positioned to grow. Going forward, the new Six Senses will be a debt-free company with committed capital for expansion into new and within existing international markets. We are confident that our president Bernhard Bohnenberger and our strong management team will continue to build on its legacy as a recognized leader in luxury hospitality.”
The Soneva brand and resorts, as well as the company’s real estate assets and holdings, are not included in the transaction, and will continue to be led by Sonu Shivdasani, the former founder and CEO of Six Senses, who will serve as chairman and CEO and principal shareholder of The Soneva Group.
“This transaction will allow me to focus solely on the development of the Soneva portfolio of resorts and real estate assets, and allow the Soneva and Six Senses brands to flourish independently of each other,” said Sonu Shivdasani, chairman and CEO of The Soneva Group. “For myself and Eva, my wife, this means we can devote all our energies to our first love – the development of the Sonevas. Soneva will continue to operate its philanthropic arm, The Slow Life Trust, and remain dedicated to achieving environmental goals and a corporate commitment to sustainability.”
The transaction is expected to close within the next three months.
About Six Senses Resorts & Spas
Six Senses Resorts and Spas has earned a global following, providing award-winning guest experiences in some of the world’s most beautiful locations. With properties under management in Asia, the Middle East, the Americas and Europe, the name Six Senses is synonymous with a unique style of luxury – authentic, relaxed and in tune with the surrounding environment. In all, Six Senses manages 10 resorts and 28 spas in 20 countries around the world, with another 15 under construction or development, including China and Vietnam. Six Senses Resorts and Spas will maintain offices in Bangkok, New York and Singapore. For further information, please visit www.sixsenses.com.
About Pegasus Capital Advisors, L.P.
Pegasus Capital Advisors, L.P. is a U.S.-based private equity fund manager that provides creative capital and strategic solutions to middle market companies across a variety of industries worldwide. The firm creates value from buying right and building businesses over time. Established in 1995, Pegasus currently manages approximately $2.5 billion in assets through several private equity funds and has made more than 80 investments since its inception. The firm employs over 60 investment and advisory professionals that work out of main offices in Cos Cob, CT and New York, NY, as well as several satellite locations.
About The Soneva Group
The Soneva Group is a world leading luxury resort operator focused on sustainable hospitality. It is made up of Soneva Fushi and Soneva Gili in the Maldives and Soneva Kiri in Thailand. The Soneva Group also holds majority stakes in various resort assets in the Maldives and Thailand. Two further Soneva resorts – in Greece and Sri Lanka – are currently under development. Soneva in Aqua, a new yacht experience, will be launched in the Maldives later this year. The Soneva Group is committed to their SLOW LIFE philosophy: Sustainable-Local-Organic-Wellness Learning-Inspiring-Fun-Experiences. The company is committed to leading the fight against climate change within the tourism sector with Soneva Fushi decarbonising by the end of 2013 and the other resorts to follow shortly afterwards.