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Searchlight Capital Companions takes majority stake in Celestyal Cruises

Searchlight Capital Companions has taken a majority stake in Celestyal Cruises for round €30 million.

Mum or dad firm, Louis Group, mentioned the infusion of money would permit the road, which sails the Greek islands and japanese Mediterranean, to rebound from the Covid-19 pandemic.

As a part of the partnership, Searchlight will make an funding into a brand new holding firm, Celestyal Holdings.

This can allow Celestyal Cruises to “amplify its model globally, construct upon its success to-date and broaden its operational footprint while rising and renewing its fleet”, an announcement mentioned.

Celestyal Cruises will proceed to function its fleet of two ships from its places of work in Piraeus, Greece with its present international administration group main the enterprise.

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The Louis Group will proceed as a shareholder within the new holding firm.

“Previous to the pandemic, Celestyal was on a quick progress trajectory, and Searchlight’s infusion of capital will propel our progress technique and speed up our fleet renewal plan,” mentioned Celestyal Cruises chief govt, Chris Theophilides.

“We’re extraordinarily happy to have Searchlight as a strategic accomplice and are keen to affix forces with them to construct on our optimistic momentum, amplify our international model consciousness and elevate our award-winning visitor expertise, taking it to new heights.”

Searchlight may even present a revolving €10 million credit score facility to the road.

“The cruise business has proven an amazing quantity of resilience popping out of the pandemic, and as Greece’s main, home-porting cruise line, Celestyal has performed a pivotal function within the nation’s sturdy tourism restoration,” mentioned Searchlight accomplice, Ralf Ackermann.

“We’re excited to help Chris and his administration group and to work with the Louis Group to be concerned within the subsequent chapter of Celestyal’s progress.”

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