The leader in ultra luxury and expedition cruises joins the portfolio of the best RCL brands
Silversea launches the Invictus Project to further improve the product and the ships
Silversea Cruises, a pioneer and leader in ultra luxury cruises and expeditions, has officially joined the family of Royal Caribbean Cruises Ltd. (NYSE: RCL).
The companies announced today that they closed the acquisition of a two-thirds stake in Silversea by RCL after receiving final approval from regulators. The investment brings together two leaders in the cruise industry and completes RCL’s portfolio of cruise brands in all key market segments.
“The RCL family is very proud to officially welcome the Silversea team,” said Richard D. Fain, President and CEO of Royal Caribbean Cruises Ltd. “This is an explosive combination and we really want to start working with Manfredi, Roberto and the whole team, together we will take Silversea to the next level. ”
Regulators gave Royal Gibraltar the green light to purchase a 66.7% share of Silversea Cruises, based on a business value of approximately 2 billion dollars. Manfredi Lefebvre d’Ovidio will continue as executive president of Silversea and will retain a 33.3% stake.
“We are excited to join the Royal Caribbean family and are ready to begin this next chapter as part of an industry leader that is exceptionally qualified to support the future growth of Silversea,” said Lefebvre. “This partnership allows us to carry out our challenge of being the undisputed leader in ultra luxury cruise and expedition, taking our guests to more than 1,000 destinations aboard some of the most luxurious ships in the world.”
The companies have also announced the Invictus Project, a long and medium-term initiative to bring Silversea’s ultra-luxury offerings to a higher level. Improvements to the Invictus Project range from product updates to vessel revitalization programs. “Our intention is to consolidate our leadership position, which is already solid, with an exciting variety of improvements that will fascinate our guests,” said Roberto Martinoli, CEO of Silversea.
The first improvements of Invictus will begin to be implemented in the Silver Muse on August 19, where an improved offer of champagne and caviar will begin. Immediately after, these and other improvements will be implemented throughout the fleet, which will affect a wide variety of integrated features and strengthen Silversea’s reputation for luxury.
Silversea’s growing fleet of ultra luxury vessels will also benefit from an upgrade. The planned renovation of the Silver Whisper in December 2018 will be much more comprehensive than originally planned and will include a partial overhaul of all suites. In addition, the Silver Wind of Silversea will also enter to improve it in a dry dock in December 2018. Both vessels will join the general plan of a “Musificación” for the entire fleet, inspired by the design of the flagship of the very successful line of cruises, the Silver Muse. The plan will be completed soon after with a dry dock of the Silver Shadow.
With Silversea joining the RCL line-up with Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises, TUI Cruises and Pullmantur Cruises, the Royal Caribbean Cruises Ltd. fleet now has 59 ships and 15 additional ships already on order.
J.P. Morgan Securities LLC acted as financial advisor to RCL and also served as lead arranger for financing the debt with respect to the transaction.