International law firm Hill Dickinson has advised on the management buy-out of Manchester-based cruise deal specialist Cruise1st from Royal Caribbean Cruises, as it gears up for significant growth and broadens its product range to increase market share.
Rhian Hughes from Hill Dickinson’s corporate team led the transaction, which will allow the company to grow independently and continue to offer its customers a streamlined service offering through product, technology and efficiency. Cruise1st already has a 40 per cent repeat customer base.
Cruise1st has grown by 62 per cent so far in 2015, with a 50 per cent growth in its call centres which is expected to double by the end of 2016 as a result of the change in ownership.
Commenting on the deal, Hill Dickinson’s Rhian Hughes said:
“Cruise1st has had great success in expanding the business internationally. The management team has been particularly successful in taking advantage of the changing demographic of cruise holiday customers with the industry as a whole seeing an increase in bookings from families and young couples.
“Whilst enjoying international successes, Cruise1st has maintained its roots in the North West, and it’s fantastic to see their journey of growth continue.”
Dan Townsley, CEO of Cruise1st added: “This management buyout will allow Cruise1st to become a real force in the market.
“Working with Royal Caribbean over the past seven years has been fantastic and its support has been crucial in the growth of our company. We are confident that the management will allow the business to grow and succeed, supported by our ability to be nimble and expand into new product ranges with more cruise lines.
“Our staff are our biggest asset, who support the buyout 100%, and have been instrumental in the growth of the brand. Although we don’t aim to be the biggest, we do aim to be the best.”
Hill Dickinson has dedicated travel, aviation and leisure teams to assist on all aspects of law for the travel sector in the UK and overseas. Head of the firm’s aviation and travel team, Joanna Kolatsis, said: “We provide our clients with expert advice spanning across the full legal spectrum covering all aspects of air, cruise, ferry and land travel. We were delighted to assist Cruise1st with the MBO and look forward to watching the business’ continued success.”
