Royal Caribbean Group has officially announced that it has signed an agreement to sell its Azamara brand to Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments. The deal is worth $ 201 million.

 

Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The deal is subject to normal terms and is expected to close in the first quarter of 2021. The Royal Caribbean Group noted that the deal allows them to focus on developing their Royal Caribbean International, Celebrity Cruises and Silversea brands.

 

“Our strategy is to redirect most of our resources to three major brands - Royal Caribbean International, Celebrity Cruises and Silversea, and to grow as they emerge from this unprecedented period,” commented Richard D. Fine, Chairman and CEO of Royal Caribbean Group. “Regardless, Azamara remains a strong brand with tremendous growth potential, and Sycamore's track record demonstrates that they will be good leaders for what the Azamara team has built over the past 13 years.”

 

“We are delighted that Royal Caribbean Group has entrusted Sycamore to support Azamara in the next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We are proud to partner with the Azamara team and build on their long-term success in serving the brand's loyal customers. We are confident that Azamara will remain the top choice for discerning travelers as the cruise industry recovers. ”

 

The current schedule and cost of Azamara cruises, as part of the new agreement, will remain unchanged. The Royal Caribbean Group will work closely to ensure a seamless transition for Azamara employees, customers and other stakeholders. In connection with the deal, Azamara Chief Executive Officer Carol Cabezas has been named president of the brand.

 

Also, it became known that the investment company Sycamore Partners decided to replenish the Azamara fleet by purchasing the Pacific Princess liner.

 

Pacific Princess is the sister of three other Azamara ships (Azamara Journey, Azamara Quest and Azamara Pursuit), originally owned by Renaissance Cruises, which went bankrupt in 2001. The vessel began operations in 1999 under the name R-3. After the bankruptcy of the company, the ship was sold to Princess Cruises and renamed Pacific Princess.

 

After a complete renovation, Pacific Princess will be renamed and will embark on its first cruise with Azamara in the summer of 2022 in Europe.

 

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Cruise department manager

Dahlia Vehbe