celestyal cruises searchlight

Celestyal Cruises and Louis Group Partners With Searchlight Capital Partners to Announce Strategic Investment Agreement

Celestyal Cruises,  the award-winning, number one choice for cruise travelers to the Greek Islands and the Eastern Mediterranean, and its parent company, Louis PLC, a leading Cyprus-based tourism organization, are pleased to announce a definitive strategic investment agreement with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.

As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings. This will enable 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.

“Prior to the pandemic, Celestyal was on a fast growth trajectory, and 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 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.”

“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.”

“Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio,” said Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realizing Celestyal’s full potential.”

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.

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For Celestyal Cruises Charles Mardiks, Mardiks PR, [email protected] , ph: +1.646.283.5273 Frosso Zaroulea, Celestyal Cruises, [email protected] , ph: +30.216.4009659 For Searchlight Capital Prosek Partners, [email protected] , +44 7771 810 803

Searchlight Capital Partners Acquires Majority Stake in Celestyal Cruises Limited

December 2, 2021

Willkie represented Searchlight Capital Partners in its agreement to acquire a majority stake in Celestyal Cruises.

On November 29, global private investment firm Searchlight Capital Partners announced it had entered into a definitive agreement to acquire a controlling stake in Mediterranean cruise company, Celestyal Cruises Limited. As part of the transaction, Searchlight will invest in a new holding company, Celestyal Holdings, to propel Celestyal's growth strategy and accelerate its fleet renewal plan.

Celestyal Cruises, based in Cyprus, is a leading cruise operator in the Greek Islands and East Mediterranean. It is a subsidiary of Louis PLC, founded in 1935 as the first travel agency in Cyprus.

Searchlight is a global private investment firm with over $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders.

The Willkie team was led by partner Gavin Gordon and included partners Rahul Saha, Ashley Young, Jane Scobie and Rita Mitchell and associates Amelia Doughty, Komal Raina, Andrew Turnbull, Nicola White, Ethan Douglas, Nikolai Hoffmann and Perrine Meyer.

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• Celestyal Cruises' majority stake taken by Searchlight Capital...

Celestyal Cruises' majority stake taken by Searchlight Capital Partners

Searchlight Capital Partners (USA-based private equity investor) has taken an undisclosed stake in the Greek company Celestyal Cruises (part of Louis PLC Group/Cyprus).

Celestyal's parent company (Louis Group) revealed the infusion of cash would allow the cruise line, which sails the Greek Islands and the Eastern Mediterranean, to rebound from the COVID crisis.

As part of the new partnership, Searchlight will invest in a new holding company, Celestyal Holdings, a statement issued on Monday morning, November 29, said.

Celestyal will continue to operate a two-ship fleet ( Celestyal Olympia , Celestyal Crystal ) from its offices in Piraeus Greece  with the current global management team leading the business.

Louis Group continues as a shareholder in the newly established holding company.

Chris Theophilides (Celestyal’s CEO) said that prior to the COVID crisis, the company had been "on a fast growth trajectory, and Searchlight’s infusion of capital" would propel their growth strategy and accelerate their fleet renewal plan.

Searchlight Capital Buys Stake in Celestyal Cruises

• November 29, 2021

Searchlight Capital Partners has bought a stake in Celestyal Cruises, according to a press release. 

As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings, according to a statement issued on Monday morning. 

“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.”

“Prior to the pandemic, Celestyal was on a fast growth trajectory, and 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 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.”

“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.”

“Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio,” added Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realizing Celestyal’s full potential.”

Louis 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.

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Searchlight Capital takes majority stake in Celestyal Cruises

Private equity giant bets on cruise recovery as it buys into Greek niche cruise operator

Searchlight Capital Partners has joined a growing number of private equity interests plunging cash into the cruise sector, buying a majority stake in Greek niche operator Celestyal Cruises.

The latest example of private equity interests investing in cruise lines since the onset of Covid-19 is another indication that investors are confident the sector will recover quickly from the pandemic.

Louis plc, the Cypriot company that owns Celestyal, revealed on Monday that Searchlight, which has an asset portfolio estimated to be worth $6bn, will provide an initial tranche of €30m ($33.8) in senior debt financing to the Piraeus-based cruise company upon closing of the deal, together with a revolving €10m credit facility.

The agreement provides for additional funding of up to €30m to support development plans, subject to certain conditions.

Louis will spin off Celestyal into a separate limited partnership company, Celestyal Holdings, in which Searchlight will hold a 60% stake.

Louis, via subsidiary Louis Hotels, will own 40%.

Searchlight will appoint the majority of the board members for Celestyal Holdings, while the existing Celestyal Cruises management team will continue to operate the company out of its office in Piraeus.

London-based Searchlight partner Ralf Ackermann said the investment company is excited to support Celestyal chief executive Chris Theophilides and his management team and to work with the Louis Group on the next chapter of Celestyal’s growth.

"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," Ackermann said.

"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."

Aegean leader

Celestyal is a small company cruise by industry standards, with only two ships, but fills a lucrative niche in the Mediterranean cruise market.

Two ships, the 37,800-gt, 1,575-passenger Celestyal Olympia (built 1982) and 25,600-gt, 1,450-passenger Celestyal Crystal (built 1980) operate short, destination-intensive cruises to the Greek islands of the Aegean.

These seasonal cruises are especially popular with package tour operators that include the three, four and seven-day island-hopping cruises in their land-based tour itineraries.

A third ship, the 56,800-gt Celestyal Experience (built 1993, ex Costa neoRomantica) was added in July 2020, but, without ever carrying a passenger under Celestyal, was sold again this past September in a move the company said would enhance liquidity.

Theophilides said Searchlight's infusion of capital will propel Celestyal's growth strategy and accelerate its fleet renewal plan.

"Prior to the pandemic, Celestyal was on a fast growth trajectory," he said.

"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 ... Our 2022 season is already looking solid, and with this significant development, we are extremely excited about Celestyal's journey ahead."

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Searchlight Capital Partners takes majority stake in Celestyal Cruises

November 30, 2021

Tags: Celestyal Cruises Louis Cruises

Parent company, Louis Group, said the infusion of cash would allow the line, which sails the Greek islands and eastern Mediterranean, to rebound from the Covid-19 pandemic.

As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings, according to a statement issued on Monday morning.

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.

“Prior to the pandemic, Celestyal was on a fast growth trajectory, and Searchlight’s infusion of capital will propel our growth strategy and accelerate our fleet renewal plan,” said Celestyal Cruises’ CEO, Chris Theophilides .

( Celestyal Cruises )

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Searchlight Taps Investors to Fund Cruise Company Celestyal

By Laura Benitez, Swetha Gopinath and Giulia Morpurgo

Searchlight Capital Partners is asking investors to inject fresh capital into a cruise line operator it took over two years ago, according to people familiar with the matter.

The private equity firm has hired Houlihan Lokey as an adviser to help it raise funds for Celestyal Cruises , the people said, asking not to be named discussing confidential information. The firms approached investors in recent weeks to discuss a variety of funding options, including third-party equity. Some investors approached by Searchlight were asked to chip in roughly €50 million ($52.6 million) apiece, two of the people said.

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Searchlight to invest in Celestyal Cruises

Celestyal Cruises and its parent company, Louis Plc, on Monday announced a definitive strategic investment agreement with leading global private investment firm Searchlight Capital Partners.

As part of the partnership, Searchlight will make an investment in a new holding company, Celestyal Holdings. 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.

Celestyal Cruises will continue to operate its fleet of two ships from its offices in Piraeus, with its current global management team leading the business.

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Celestyal cruises and louis group partner with Searchlight capital to announce strategic investment agreement

ATHENS, GREECE (November 26, 2021) – Celestyal Cruises, the award-winning, number one choice for cruise travelers to the Greek Islands and the Mediterranean, and its parent company, Louis plc, a leading Cyprus-based tourism organization, are pleased to announce a definitive strategic investment agreement with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.   As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings. This will enable 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.   “Prior to the pandemic, Celestyal was on a fast growth trajectory, and 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 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.”   “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 Mediterranean region and enhance its uniquely authentic experiences and operating footprint.”   “Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio,” said Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realizing Celestyal’s full potential.”   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.

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Louis Group first became active in the field of cruise ship ownership and management in 1986, even though it had been involved in the representation of passenger vessels and cruise ships in the past. The period between 1989 and 2001 was a period of rapid growth for the cruise sector. During this time, the Group acquired in total 10 ships. In 1996, a cruise ship was chartered for the first time to Thomson Cruises, owned by TUI, the world’s largest tour operator. Following the growing trend in the cruise sector, Louis plc creates in 2014 a new brand, “Celestyal Cruises”. Celestyal Cruises has fast built an award-winning reputation and recognition as the number one choice for cruise travelers to the Greek Islands and East Mediterranean thanks to its regional expertise and exceptional hospitality. The company operates two vessels, each one intimate enough to provide genuine and highly personalized services. The foundation of the company’s philosophy is built on a unique Greek heritage which combines outstanding hospitality with genuine cultural destination immersion and provides authentic, lifetime experiences both onboard and onshore. Celestyal Cruises currently operates in 16 countries such as USA, United Kingdom, Australia, Canada, China, France, Germany, Turkey, etc. Celestyal Cruises passengers come from 140 countries. In November 2021, Louis plc announced that it has signed an agreement for the recapitalization of Celestyal Cruises Limited and the formation of a strategic partnership with Searchlight Capital Partners, L.P., a leading global private investment firm. Under the terms of the agreement, Searchlight will provide funding to Celestyal Cruises to support the development plans of the company, including its fleet renewal. Louis plc, through its subsidiary Louis Hotels Public Company Ltd, will acquire 40% of the limited partnership interests in the sole shareholder of a newly incorporated holding company. Searchlight will be the owner of 60% of the limited partner interests in the sole shareholder of such newly incorporated holding company. As a result of this transaction, Celestyal Cruises will no longer be considered a subsidiary company, but an associate of Louis plc. THE 2 CRUISE SHIPS BELONGING TO CELESTYAL CRUISES TODAY ARE THE FOLLOWING: 1. Celestyal Discovery 2. Celestyal Journey AWARDS Since 2014, Celestyal has received top honors in the Tourism Awards, one of the largest and most prestigious awards programs within the Greek tourism industry. These include one Platinum, 15 Gold, 10 Silver and nine Bronze awards covering Guest Experience Excellence, Solo Travel, CSR Initiatives, Contribution to National Economy, FAM and Press Trips, Communication Campaign and Multichannel Marketing Campaign.

In December 2022, Celestyal won a Bronze Award at the British Travel Awards in the ‘‘Best Operator for Mini Cruises’’ category and was named one of the top ocean cruise lines for ‘’Best Service’’ at the annual Cruise Critic Editors’ Picks Awards 2022, an award also received in 2018 and 2019. Ι n 2019 and 2020, Celestyal was recognized for its overall contribution and commitment to the development of the cruise industry in the Eastern Mediterranean region at the MedCruise Awards.

CORPORATE RESPONSIBILITY Celestyal is deeply committed to sustainability and ethical business practices. The company actively supports the local communities in the destinations it visits, particularly in the field of education. Additionally, Celestyal supports cultural NGOs to promote youth entrepreneurship, marine student development and child welfare. ISO CERTIFICATION The entire spectrum of Celestyal’s ship management, including technical, hotel and crew management, and offices, are certified in accordance with ISO 9001/14001 standards. The certifying authority is DNV, which is widely recognized as the biggest and most respected rating agency in the marine industry.

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Searchlight Capital to invest in Greece’s Celestyal Cruises

Searchlight Capital Partners has agreed to invest in Celestyal Cruises, an Athens-based cruise travel company focused on the Greek Islands and the Eastern Mediterranean.

Searchlight Capital Partners has agreed to invest in Celestyal Cruises, an Athens-based cruise travel company focused on the Greek Islands and the Eastern Mediterranean. No financial terms were disclosed. The Louis Group, a Cyprus-based tourism organization, will continue as a shareholder.

PRESS RELEASE

Celestyal Cruises and Louis Group Partners With Searchlight Capital to Announce Strategic Investment Agreement

November 29, 2021

ATHENS, Greece–(BUSINESS WIRE)–Celestyal Cruises, the award-winning, number one choice for cruise travelers to the Greek Islands and the Eastern Mediterranean, and its parent company, Louis PLC, a leading Cyprus-based tourism organization, are pleased to announce a definitive strategic investment agreement with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.

As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings. This will enable 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.

“Prior to the pandemic, Celestyal was on a fast growth trajectory, and 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 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.”

“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.”

“Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio,” said Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realizing Celestyal’s full potential.”

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.

About Celestyal Cruises

Celestyal Cruises has fast built an award-winning reputation and earned recognition as the number one choice for cruise travelers to the Greek Islands and East Mediterranean thanks to its regional expertise and exceptional hospitality. The company operates two vessels, each one intimate enough to provide guests with a genuine and highly personalized experience. The foundation of the company’s philosophy is built on a unique Greek heritage which combines outstanding hospitality with genuine cultural destination immersion and provides authentic, lifetime experiences both onboard and onshore.

About Searchlight Capital Partners

Searchlight is a global private investment firm with more than $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com.

About Louis Group

One of the leading tourism and leisure groups in Southeast Europe, Louis Group is known for consistent high-quality services, deep market insight and many years of leading experience. Founded in 1935 by the ‘father of tourism’ in Cyprus, the late Louis Loizou, the company now employs around 4,000 professionals. Applying their experience to a full spectrum of tourism services, Louis Group owns and manages hotels, restaurants and cruises, as well as a range of IATA offices. Predominantly operating in Cyprus and Greece, the Group also has a growing presence worldwide.

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• Celestyal Cruises and Louis Group Partners With Searchlight Capital to Announce Strategic Investment Agreement

Celestyal Cruises, the award-winning, number one choice for cruise travelers to the Greek Islands and the Eastern Mediterranean, and its parent company, Louis PLC, a leading Cyprus-based tourism organization, are pleased to announce a definitive strategic investment agreement with funds managed by Searchlight Capital Partners, L.P. (“Searchlight”), a leading global private investment firm.

As part of the partnership, Searchlight will make an investment into a new holding company, Celestyal Holdings. This will enable 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.

“Prior to the pandemic, Celestyal was on a fast growth trajectory, and 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 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.”

“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.”

“Celestyal Cruises has always been a strong and robust regional expert, and a key component of our tourism portfolio,” said Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources of Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of realizing Celestyal’s full potential.”

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.

About Celestyal Cruises

Celestyal Cruises has fast built an award-winning reputation and earned recognition as the number one choice for cruise travelers to the Greek Islands and East Mediterranean thanks to its regional expertise and exceptional hospitality. The company operates two vessels, each one intimate enough to provide guests with a genuine and highly personalized experience. The foundation of the company’s philosophy is built on a unique Greek heritage which combines outstanding hospitality with genuine cultural destination immersion and provides authentic, lifetime experiences both onboard and onshore.

About Searchlight Capital Partners

Searchlight is a global private investment firm with more than $9 billion in assets under management and offices in New York, London and Toronto. Searchlight seeks to invest in businesses where its long-term capital and strategic support accelerate value creation for all stakeholders. For more information, please visit www.searchlightcap.com .

About Louis Group

One of the leading tourism and leisure groups in Southeast Europe, Louis Group is known for consistent high-quality services, deep market insight and many years of leading experience. Founded in 1935 by the ‘father of tourism’ in Cyprus, the late Louis Loizou, the company now employs around 4,000 professionals. Applying their experience to a full spectrum of tourism services, Louis Group owns and manages hotels, restaurants and cruises, as well as a range of IATA offices. Predominantly operating in Cyprus and Greece, the Group also has a growing presence worldwide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211128005239/en/

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