Permira Debt Managers (“PDM”), the debt management and advisory arm of Permira and one of Europe’s leading specialist debt investors, today announces that direct lending fund Permira Credit Solutions III (“PCS3”) is acting as sole senior secured lender to finance the acquisition of Kreuzfahrtberater by Cruise.co. The transaction will create a differentiated European leader in the online cruise travel agency sector and creates significant opportunities for the businesses to share knowledge and broaden their product offerings. The acquisition is supported by long-term senior debt provided and arranged by PCS3 as well as further investment by existing shareholders, including Bridgepoint Development Capital (“BDC”) and the founders of Kreuzfahrtberater. A revolving credit line will be provided by Royal Bank of Scotland.
Dan Hatcher, Investment Director at PDM, commented:
“We are pleased to back Cruise.co’s acquisition of Kreuzfahrtberater and the combined Group’s continuing growth plans. Both the UK and German cruise markets have strong growth potential, and as the leading Pan-European cruise travel agency, Cruise.co is well placed to benefit from this growth. We are also pleased to have the opportunity to work alongside BDC who have a strong track record of value creation in the consumer and leisure sector.”