Hornblower Group

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.