Royal Caribbean Group has sold its Azamara brand to Sycamore Partners. No financial terms were disclosed. Perella Weinberg Partners LP served as financial advisor to Royal Caribbean Group on the deal. Azamara is a cruise line.
MIAMI, March 19, 2021 /PRNewswire/ — Royal Caribbean Group (NYSE: RCL) (the Group) today announced it completed the sale of its Azamara brand to Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, in an all-cash transaction for $201 million. The sale included Azamara’s three-ship fleet and associated intellectual property.
This strategic deal allows the Group to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands.
“This creates huge opportunities for all parties,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Group. “In fact, as we are inking this deal today, Azamara already has added a fourth ship to their fleet. I am confident that the brand’s success and growth trajectory will continue under the stewardship of Sycamore.”
“We look forward to guiding and supporting Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “The brand’s high guest engagement, personalized service and unique Destination Immersion® strategy, position it strongly for continued growth in the upmarket space.”
Perella Weinberg Partners LP served as financial advisor to Royal Caribbean Group and Freshfields Bruckhaus Deringer LLP provided legal counsel. Kirkland & Ellis LLP provided legal advice to Sycamore Partners.
About Royal Caribbean Group
Royal Caribbean Group is the operating business name for Royal Caribbean Cruises Ltd. Royal Caribbean Group is the owner and operator of three global cruise vacation brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 58 ships with an additional 15 on order as of March 15, 2021. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.
Azamara is an upmarket cruise line and the leader in Destination Immersion® experiences, presently with three mid-sized ships sailing to all seven continents of the world, with an additional fourth ship scheduled to join the fleet in 2022. The boutique-style ships allow them to reach marquee ports around the world and dock in smaller, less-visited hidden gems. Azamara’s commitment to creating immersive experiences for travelers to connect with local cultures allows guests to travel deeper with longer stays, more overnights, and night touring. Guests can experience a boutique hotel at sea with inclusive amenities such as gratuities, beverages, cultural events and more. For more information on Azamara and future sailings, visit www.azamara.com.
About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.