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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.
FTI Consulting’s Alex Miehls has joined Teneo as managing director in its strategy and communications unit.
SKDK and ICR handle Intra-Cellular Therapies as it is getting acquired by Johnson & Johnson for $14.6B.
FGS Global represents Energy Capital Partners, which is selling Calpine Corp. to Constellation Energy Corp. for $16.4B in cash and stock.
Ted McHugh, who was most recently managing director, head of strategic situations and investor relations at Edelman Smithfield, joins advisory and investing platform Consello as senior managing director.
Collected Strategies represents Forward Air Corp. as the Tennessee-based freight forwarding company reviews its strategic options.
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