Celestyal Cruises and its Cyprus-based parent company, Louis plc, will boost the cruise company’s brand globally through a new holding company under the name Celestyal Holdings.
According to an announcement, the new venture will be carried out with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.
As part of the partnership, Searchlight will invest in Celestyal Holdings, enabling Celestyal Cruises to amplify its brand globally, build upon its success to-date and expand its operational footprint whilst growing and renewing its fleet.
Celestyal Cruises will continue to operate its fleet of two ships from its offices in Piraeus, Greece, with its current global management team leading the business.
The Louis Group will continue as a shareholder in the new holding company.
“Searchlight’s infusion of capital will propel our growth strategy and accelerate our fleet renewal plan,” said Celestyal Cruises’ CEO Chris Theophilides.
“We are extremely pleased to have Searchlight as a strategic partner and eager to join forces to build on our positive momentum… Our 2022 season is already looking solid and with this significant development, we are extremely excited about Celestyal’s journey ahead,” he added.
On his part, Searchlight Partner Ralf Ackermann said Greece’s major home-porting cruise line Celestyal had played a pivotal role in the country’s strong tourism recovery.
“We believe this partnership will help to reinforce the company’s position as the leading cruise operator in the Eastern Mediterranean region and enhance its uniquely authentic experiences and operating footprint,” Ackermann said.
Louis plc was advised by financial advisors Houlihan Lokey, London; legal advisors, Hill Dickinson, London and Chryses Demetriades, Cyprus; and tax advisors, PricewaterhouseCoopers, Cyprus.
Searchlight was advised by legal advisors Willkie Farr & Gallagher LLP; financial advisors, Alvares & Marsal; tax advisors, KPMG, insurance advisors, Lockton; and technical advisors Renaissance Shipbroking.