Hornblower is acquired by an investment company

horn blower announced last week that it has entered into an agreement with an investor to strengthen the company’s financial position and position Hornblower for future success.

Under the terms of the agreement, funds will be managed by: strategic value partner LLC (SVP), a global alternative investment firm, and its affiliates will acquire majority ownership of Hornblower and provide a significant equity investment in the business. Hornblower officials said in a prepared statement.

SVP is a global alternative investment firm focused on special situations, private equity, opportunistic credit and financing opportunities. The company combines expertise in procurement, finance and operations to help portfolio companies unlock value and accelerate their businesses. SVP has significant influence or control over more than 15 companies around the world with approximately 100,000 employees and his more than $12 billion in revenue.

crestview partners Maintains a significant minority position in Hornblower and becomes the sole owner of Hornblower. Beyond the journeyis an independent business unit of Hornblower, Australia’s leading experiential travel provider. The agreement also provides for Hornblower to receive $121 million in new financing from SVP-managed funds and Crestview, reducing the company’s total debt by approximately $720 million. .

In connection with this agreement, Hornblower’s night cruise business will Voyage of the American Queen (AQV) will be sold or, if a sale cannot be achieved, the business will be terminated. Hornblower took this action due to AQV’s poor performance, which has not recovered from the pandemic.

These joint actions provide Hornblower with a more focused portfolio, stronger balance sheet and additional financial flexibility, positioning it well to continue driving growth in its core land and water experience businesses. can stand. These core businesses deliver excellent results and serve thousands of guests every day.

“Founded by our commitment to providing great experiences for our guests, Hornblower has grown into a global leader in world-class experiences and transportation,” said Kevin Rabbitt. hornblower groupCEO said in a statement. “We have strong relationships with government agencies and business partners, and our core business is performing well with strong and growing demand.”

“Hornblower is a great company, a market leader in water transportation, tours and experiences, with complementary businesses and long-term agreements in attractive markets,” said David, Co-Head of SVP’s North American Investment Team.・Mr. Jeanberg said. “Given the significant growth potential in the travel and tourism sector, we believe Hornblower has a significant opportunity to further expand its leadership position. I look forward to working closely with the leadership team to support the guest experience as we lead Hornblower’s next era of success. ”