Springwater buys Pullmantur and CDF

Amedeo Goria
12 May 2016

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Madrid-based buyout house Springwater has bought a 51% stake in both Pullmantur Cruises and Croisières de France (CDF).

As part of the deal, Royal Caribbean Cruises (RCC) retained a 49% stake in the businesses and the ownership of the ships and planes currently operated by the companies. RCC will also remain the service provider for the two acquired companies.

The fresh capital will bolster the businesses' market presence across Spain and France.

Previous funding
In Jannuary 2014, Springwater and tour operator Gowaii acquired a majority stake in four non-cruise-related businesses from RCC-backed Pullmantur. The companies included airline business Pullmantur Air, rebranded to Wamos, as well as tour operators Nautalia, Land&City Tours and Pullmantur Operator.

As part of the deal, RCC-owned cruise operator Pullmantur retained a 30% stake in the companies and rebranded to Pullmantur Cruises.

Company
Established in 1988 and headquartered in Madrid, Pullmantur Cruises span out from parent company Pullmantur. The company operates a cruise line focusing on the Spanish and French market.

People
Springwater – Martin Gruschka (CEO).
Royal Caribbean Cruises – Richard Fain (chair, CEO).
Pullmantur Criuses – Jorge Vilches (CEO).
Croisières de France – Antoine Lacarrière (CEO).