Benzinga | Mar 19, 2021 08:16AM EDT

Royal Caribbean Group Says Completes Sale Of Azamara Brand To Sycamore Partners

Royal Caribbean Group (NYSE:RCL) (the Group) today announced it completed the sale of its Azamara brand to Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, in an all-cash transaction for $201 million. The sale included Azamara's three-ship fleet and associated intellectual property.

This strategic deal allows the Group to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands.

"This creates huge opportunities for all parties," said Richard D. Fain, Chairman and CEO of Royal Caribbean Group. "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."

"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(r) strategy, position it strongly for continued growth in the upmarket space."

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

About Royal Caribbean Group

Royal Caribbean Group is the operating business name for Royal Caribbean Cruises Ltd. Royal Caribbean Group is the owner and operator of three global cruise vacation brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 58 ships with an additional 15 on order as of March 15, 2021. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.