Hornblower Group has completed its financial restructuring process. The company has emerged with new majority ownership, a focused portfolio and financial flexibility to support its long-term growth.
Hornblower delivers a range of water- and land-based experiences, including daily ferry transportation and dinner and sightseeing cruises. It serves over 20 million guests each year in more than 100 countries and 50 U.S. cities through the following offerings:
- City Cruises, offering public dining and sightseeing cruises that create experiences across more than 20 destinations in the U.S., Canada and the U.K.
- Transportation services to the Statue of Liberty, Alcatraz and Niagara Falls
- Walks and Devour, providing sightseeing and food tours in Europe, Canada and the U.S.
- Ferry and transportation, transporting commuters, vehicles and other cargo across inland and coastal waterways in the Northeast, including operations in New York City and Puerto Rico
- Anchor Operating System, a subsidiary of Hornblower Group and independent entity, providing operating and ticketing system for the maritime and tourism industries
Kevin Rabbitt, Hornblower CEO, said: “Today marks a new beginning for Hornblower. We have an expert team with a long history of delivering safe, world-class experiences. We have the continued support of our government agency and business partners, and we have new owners who support our strategic priorities. I am excited about the future and for what we will deliver to our guests and commuters around the world.”
With the completion of the financial restructuring, funds managed by Strategic Value Partners, LLC (SVP) and its affiliates, a global alternative investment firm, have acquired majority ownership of Hornblower with Crestview Partners retaining a minority position in the company.
As a result of the restructuring process, Hornblower reduced its total debt by approximately $720 million (or more than 70 percent) and substantially increased its liquidity, which will allow the company to continue to invest in the growth and expansion of its businesses.
For more information, visit www.hornblowercorp.com.
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