- Royal Caribbean Group it is selling its Azamara luxury cruise line for $201 million in cash to private-equity firm Sycamore Partners
Royal Caribbean Group announced it has entered into a definitive agreement for the sale of the Azamara brand to Sycamore Partners, a private equity firm specializing in consumer investment, retail and distribution. The operation is worth 201 million dollars.
The divestment is the latest downsizing move by a cruise company during the Covid-19 pandemic as operators look for additional sources of cash. Royal Caribbean Finance Chief Jason Liberty said the deal wasn’t driven by financial reasons and that it had considered selling the brand before the health crisis.
Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction is expected to close in the first quarter of 2021. Royal Caribbean Group highlighted how the transaction allows the group to focus on the expansion of other brands: Royal Caribbean International, Celebrity Cruises and Silversea.
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“Our strategy is to focus resources on the three global brands, Royal Caribbean International, Celebrity Cruises and Silversea, so that they can grow as we move out of this unprecedented period,” said Richard D. Fain, President and CEO by Royal Caribbean Group. “Even so Azamara remains a strong brand with huge growth potential, and Sycamore’s track record shows they will be good stewards.”
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