The Chief Operating Officer of Azamara, Carol Cabezas, has explained the sale of Azamara to a private equity firm, Sycamore Partners, with increasing the value of the cruise line’s product and driving the brand forward.
“Sycamore Partners, which has invested in many upscale consumer brands, is known for identifying great brands that need flexible funding to grow and succeed,” Cabezas said in a video address published on the brand’s official website.
“Sycamore’s strategy is to partner with existing management to nurture companies for growth and invest in upscale companies. The priority is to increase the value of our product. So, it’s a win-win-win,” she added.
This comes a couple of hours since Royal Caribbean Group announced it has entered into a definitive agreement to sell its Azamara brand to Sycamore Partners in an all-cash carve-out transaction for $201 million, “subject to certain adjustments and closing conditions.”
The sale is expected to close in the first quarter of 2021, Cabezas said, after the cruise line receives all the normal regulatory approvals.
The transition will take a couple of months with the help of the Royal Caribbean Group.
According to Cabezas, nothing is currently expected to change for Azamara’s customers.
“There is no impact on your current bookings, future cruise credits, refunds or the availability of your travel advisor. Also, our website and care center agents remain open for business, and I encourage you to start planning your next cruise with us,” she said, before adding that that the entire team will stay with Azamara, including customer care staff and crew.
“We commit to keeping the brand elements that make us Azamara, your brand of choice with immersive experiences that elevate vacation to lifestyle and superior service throughout the journey. With Sycamore, we intend to rapidly expand these to offer more destinations and portfolio choices at every step along the way. We’re only going to get better,” Cabezas stated.
Azamara will adopt the same health and safety protocols as the Royal Caribbean Group, Cabezas said in a statement. These were developed by a group of public health experts at the Healthy Sail Panel.