THE former 100% owner of Silversea Cruises, Manfredi Lefebvre d’Ovidio, has announced the acquisition of Abercrombie & Kent, alongside the company’s current CEO Geoffrey Kent.
The strategic partnership between the pair will see the purchase of 100% of A&K from its current owner, Chinese-based Zhonghong Holdings Group, which bought the upmarket travel operator almost three years ago from US hedge fund manager Fortress (TD 25 Jul 2016).
Lefebvre, who sold 66.7% of Silversea Cruises to Royal Caribbean for US$1 billion last year (TD 15 Jun 2018), and remains the cruise line’s Executive Chairman, will hold 85% of A&K, with Kent owning the other 15%.
The pair, who both live in Monaco, are long-time friends and neighbours, and the A&K acquisition is a completely separate investment to Silversea.
“Experiential travel is a core part of today’s trends, and I think that the sector where A&K operates allows a lot of growth and potential expansion,” Lefebvre told Travel Daily this morning.
A&K currently has over 2,500 staff working in 56 global offices.
It was founded in 1962 by the family of Geoffrey Kent, who said the new ownership would provide a foundation for expansion – with outbound growth from Australia a central focus of the business.
In-destination operations are also key, with Kent telling TD “we would like to open up between five and 10 DMCs a year.
“No other company can match us when it comes to our DMCs, which give us control of every last detail of our clients’ experiences.”
The price of the deal, which will be finalised later this year, has not been disclosed.
Kent will remain CEO of A&K, while Lefebvre will be Chairman of Abercrombie & Kent Holding.
Source: traveldaily