NEWS: Royal Caribbean plans to sell its Azamara cruise brand to Sycamore Partners, a private equity firm, for $201 million, subject to conditions.
Sycamore will acquire the entire Azamara brand, including its three-ship fleet – the Quest, Journey and Pursuit – and associated intellectual property. The transaction is expected to close in the first quarter of 2021.
Royal Caribbean noted the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.
“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.”
“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.”
Sources: Royal Caribbean/Azamara/Sycamore Partners