Royal Caribbean has completed the sale of its Azamara brand to Sycamore Partners for $201 mill.
Sycamore is a private equity firm specialising in consumer, retail and distribution investments.
The sale included Azamara’s three-ship fleet and associated intellectual property, Royal Caribbean explained, adding that the deal allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands.
“This creates huge opportunities for all parties,” said Richard Fain, Chairman and CEO of Royal Caribbean Group. “In fact, as we are inking this deal, 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, Sycamore Partners Managing Director. “The brand’s high guest engagement, personalised service and unique destination immersion strategy, position it strongly for continued growth in the upmarket space.”
Perella Weinberg Partners served as financial advisor to Royal Caribbean Group and Freshfields Bruckhaus Deringer provided legal counsel, while Kirkland & Ellis provided legal advice to Sycamore Partners.