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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.
C Street Advisory Group and Publicis' Groupe's Kekst CNC unit work the Chapter 11 filing of Saks Global Holdings as the luxury retailer evaluates its "operational footprint."
Nashville’s Wortman Works is handling Old Glory Bank, which bills itself as the online bank for freedom-loving Americans, as it goes public via a $250M SPAC deal with Digital Asset Acquisition Corp.
FGS Global and Collected Strategies handle $1.5B merger of discount airlines Allegiant and Sun Country Airlines. (Updated)
Dan Scorpio, H/Advisors Abernathy’s managing director and head of the M&A and activism practice, has joined FTI Consulting’s Chicago office.
ICR Healthcare handled Boston-based cancer drug developer Aktis Oncology as it upsized its initial public offering due to robust investor demand.
