Azamara sold for $201 million
Boutique luxury cruise line Azamara has been sold to a private equity group.
Royal Caribbean Group announced on Tuesday it has agreed to sell Azamara to Sycamore Partners for $201 million in all-cash deal. The deal is subject to certain adjustments and closing conditions.
Once the deal is completed, Sycamore will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property.
Sycamore Partners is a relative unknown in the cruise industry, and is described as "a private equity firm specializing in consumer, retail and distribution investments."
Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand.
“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.”
Royal Caribbean Group said this deal will allow them to focus on their core brands: Royal Caribbean International, Celebrity Cruises and Silversea.
“We are pleased that Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “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.”