Royal Caribbean sells 51 per cent of Pullmantur
Royal Caribbean Cruises has sold a 51 per cent stake in Pullmantur and Croisières de France to Madrid-based private equity firm Springwater Capital.
The move, according to the parties, is “dedicated to bringing culturally authentic, best-in-class cruise experiences tailored to Spanish and French tourists through the management of the Pullmantur and Croisières de France cruise brands.”
Royal Caribbean Cruises, which also owns Royal Caribbean International, Celebrity Cruises, and Azamara Club Cruises, retains a 49 per cent stake in both lines.
“Pullmantur and CDF have a long history of offering authentic, localised cruise vacations to their home markets,” said Richard D Fain, chairman and CEO of Royal Caribbean Cruises. “We look forward to the new focus that this joint venture with Springwater will bring to these companies as they seek to grow.
“Given the signs of recovery we have seen in the Spanish economy, as well as increased interest in cruising from tourists in France, we think this is the right time to bring together the extensive experience of our deeply valued employees at Pullmantur and CDF with the local travel and tourism expertise of the Springwater team.
“Springwater’s local management presence in Madrid, coupled with RCL’s long-standing history in cruise operations, will provide the foundation for improved returns in the future.”
Martin Gruschka, CEO of Springwater, added: “We are delighted to announce the joint venture with Royal Caribbean, and look forward to working with Pullmantur and CDF employees. The transaction leverages our firm’s travel sector expertise, and will take advantage of Pullmantur and CDF’s strong client and travel industry relationships in the Spanish and French markets.
“These relationships – paired with Royal Caribbean’s cruise management – will create the foundation for a successful, long-term strategic partnership.”
(Image credit: WikiCommons)
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