Private equity company Searchlight Capital Partners has bought a stake in Celestyal Cruises, with the goal of helping the Eastern Mediterranean cruise line grow and renew its fleet.
As part of the partnership, Searchlight will invest in a new holding company, Celestyal Holdings, according to a statement issued yesterday.
"This will enable Celestyal Cruises to amplify its brand globally, build upon its success to-date and expand its operational footprint while growing and renewing its fleet," a company statement said.
"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."
Celestyal Cruises' CEO, Chris Theophilides says the company was "on a fast growth trajectory" prior to the pandemic, and the infusion of capital will help propel that growth and accelerate fleet renewal.
"We are extremely pleased to have Searchlight as a strategic partner and are eager to join forces with them to build on our positive momentum, amplify our global brand awareness and elevate our award-winning guest experience, taking it to new heights. Our 2022 season is already looking solid and with this significant development, we are extremely excited about Celestyal's journey ahead," Theophilides said.
"The cruise industry has shown a tremendous amount of resilience coming out of the pandemic, and as Greece's major, home-porting cruise line, Celestyal has played a pivotal role in the country's strong tourism recovery," said Searchlight Partner Ralf Ackermann.
"We are excited to support Chris and his management team and to work with the Louis Group to be involved in the next chapter of Celestyal's growth. 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."
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