Searchlight Capital Partners takes majority stake in Celestyal Cruises
Funds managed by Searchlight Capital Partners, the US based private equity investor, has agreed to take an undisclosed stake in Celestial Cruises, the Greek cruise line that is part of the Cyprus based Louis PLC group.
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.