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Royal Caribbean Group completes $201m Azamara sale to Sycamore

Azamara Quest, here, and the brand's other two ships are part of the deal. Growth is already planned with the addition of the former Pacific Princess
Royal Caribbean Group completed the sale of its Azamara brand to private equity firm Sycamore Partners in an all-cash $201m deal.

This included Azamara's three-ship fleet — Azamara Pursuit, Azamara Quest and Azamara Journey — and associated intellectual property.

Royal Caribbean Group said the disposal allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands.

Fourth ship Azamara Onward

'This creates huge opportunities for all parties,' RCG Chairman and CEO Richard Fain said. 'In fact, as we are inking this deal today, 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.'

The additional ship is the former Pacific Princess, built as R3. It will be called Azamara Onward and is scheduled to begin sailing in Europe in 2022, following an extensive refurbishment. It was handed over Monday and is currently docked at Civitavecchia.

'We look forward to guiding and supporting Azamara in its next phase of growth,' said Stefan Kaluzny, managing director of Sycamore Partners. 'The brand's high guest engagement, personalized service and unique destination immersion strategy, position it strongly for continued growth in the upmarket space.'

The team, too

Azamara President Carol Cabezas and the team go to Sycamore with the sale, and Sycamore's Orlando Ashford will serve as executive chairman. 

'Today marks a new beginning for Azamara, as we increase our capacity and begin our journey as an independent cruise company. Our beautiful new ship can access smaller ports and allow us to bring our guests to even more destinations,' Cabezas said.

'Azamara has a bright future and is positioned to continue growing as an independent company,' Ashford added. 'We can’t wait to welcome back our loyal customers, as well as those new to the brand, with our expanded fleet offering more unique destination immersion programming and itineraries.'

Perella Weinberg Partners LP served as financial advisor to Royal Caribbean Group and Freshfields Bruckhaus Deringer LLP provided legal counsel. Kirkland & Ellis LLP provided legal advice to Sycamore Partners.

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