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Joele Frank and Kekst CNC handled the financial restructuring of Hornblower Group, operator of daily ferry commuter and sightseeing cruises serving more than 20M people annually in 50-plus US cities.
Hornblower serves iconic destinations such the Statute of Liberty, Niagara Falls and Alcatraz Island.
The restructuring slashes the company's debt by $720M (more than 70 percent) and results in Strategic Value Partners taking a majority ownership position. Crestview Partners will retain a significant minority stake.
David Greenberg, co-head of SVP’s North American investment team, said the revamp gives Hornblower the financial foundation for a new era of growth. “The company is a leader in the maritime space, with a dedicated crew, robust infrastructure and an unwavering commitment to safety and service excellence,” he said.
Greenberg said SVP will help grow Hornblower’s “portfolio of world-class consumer experiences and set the standard for public-private partnerships in ferries and transportation.”
Joele Frank, Wilkinson Brimmer Katcher has Michael Freitag, Aaron Palash, and Aura Reinhard repping Hornblower.
Kekst CNC’s Jeffrey Taufield and Daniel Younger handle Crestview.
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Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
