Celestyal Cruises, the leading Greek-owned cruise operator with cruises to the Greek islands and the Eastern Mediterranean, and its parent company, Louis Plc, a leading Cyprus-based tourism organization, are pleased to announce their strategic investment agreement with funds managed by Searchlight Capital Partners LP (“Searchlight”), a leading global private investment firm.
As part of the partnership, Searchlight will invest in a new holding company, Celestyal Holdings. This will enable Celestyal Cruises to expand its brand globally, building on its current success and scaling up operations while growing and renewing its fleet. Celestyal Cruises will continue to operate its two-ship fleet from its offices in Piraeus, Greece, with its existing global management team leading the business. The Louis Group will remain a shareholder in the new holding company.
“Prior to the pandemic, Celestyal was enjoying a strong growth trajectory, and now, Searchlight’s capital injection will further fuel this growth strategy and accelerate our fleet renewal plan,” said Celestyal Cruises CEO Chris Theophilides. “We are delighted to have Searchlight as a strategic partner and look forward to joining forces with them to build on our positive momentum, expand our global brand awareness, and enhance our award-winning guest experience, taking it to new heights. Our 2022 season is already underway, and this significant boost will allow us to fully embrace this new journey that Celestyal has in store.”
“The cruise industry has demonstrated tremendous resilience following the pandemic, and as the leading cruise line based in Greece, Celestyal has played a vital role in the country’s strong tourism recovery,” said Searchlight partner Ralf Ackermann. “We are delighted to support Chris and his management team and to work with the Louis Group to be part of the next chapter in Celestyal’s growth. We believe this partnership will further strengthen the company’s position as a leading cruise operator in the Eastern Mediterranean region and enhance its unique and authentic experiences and operating system.”
“Celestyal Cruises has always been a strong and robust company with expertise in the region and a key component of our tourism portfolio,” said Costakis Loizou, Executive Chairman of the Louis Group. “With the added financial resources from Searchlight, Celestyal is destined for an even brighter future, and we look forward to being part of Celestyal’s potential growth.”
Louis plc has been advised for this agreement by financial advisors, Houlihan Lokey (London); legal advisors, Hill Dickinson (London) and Chryses Demetriades (Cyprus); and tax advisors, PricewaterhouseCoopers (Cyprus).
For its part, Searchlight had legal advice from Willkie Farr & Gallagher LLP, financial advice from Alvares & Marsal, tax advice from KPMG, insurance advice from Lockton, and technical advice from Renaissance Shipbroking.
