Compagnie Française de Croisières (“CFC”), a portfolio company of Cheyne Capital and Ambassador Cruise Line (“ACL”), a portfolio company of Njord Partners, have agreed to merge, forming the “Ambassador Group”. CFC and ACL operate in the cruise industry, offering worldwide cruises sourcing primarily from the French and UK markets respectively. Further information is set out below.
Kroll provided due diligence services and financial advice to Cheyne Capital Partners in connection with the merger.
About Cheyne Capital Partners
Cheyne Capital is a London-based alternative investment fund manager which was founded in 2000 by Jonathan Lourie (CEO & CIO) and Stuart Fiertz (President) after working together at Morgan Stanley.
Cheyne is known for its innovative approach and has been early and successful at delivering value to investors from important dislocations in the marketplace.
Cheyne invests across the capital structure from the senior debt to the equity of corporates and real estate. With an investment philosophy grounded in rigorous fundamental analysis, the firm's main areas of expertise are: Real Estate Debt, Impact Real Estate, Investment Grade Corporate Credit, Strategic Value Credit, Equity/Equity-linked Investing.
About CFC
Compagnie Française de Croisières (“CFC”) was founded in 2022 in Marseille, France. Renaissance was acquired in late 2022 and commenced operations in summer 2023 following an extensive multi million Euro refit and upgrade in Brest, France.
Renaissance home ports in Le Havre and Marseille and offers a year-round program of no-fly cruise sailings to Northern Europe featuring the British Isles, Iceland, Norway and Scandinavia and the Mediterranean visiting 40 ports of call. CFC offers an authentic French premium cruise experience with French speaking crew, refined gastronomy, and an immersive and enriching cultural programme with a wide variety of destination experiences.
About Ambassador Cruise Line
Ambassador Cruise Line launched in 2021, offering the UK market authentic no-fly cruises, affordable quality and the warmest welcome at sea. Based in Purfleet, Essex, Ambassador provides adult-only experiences combined with a selection of multi-generational itineraries to multiple destinations including the Nordics, Greenland, Iceland, Canada, the Mediterranean, Caribbean and Africa. The cruise line’s first ship, Ambience, entered the fleet in May 2022, operating from her home port of London Tilbury. From the 2023/24 season, guests have sailed onboard Ambience as well as Ambassador’s second ship, Ambition, whose maiden voyage in May 2023 heralded the launch of sailings from eight regional UK ports: London Tilbury, Newcastle, Dundee, Liverpool, Belfast, Bristol, Falmouth and Portsmouth.
About Njord Partners
Njord Partners is a special situations investment manager and provider of long-term flexible capital solutions. Established in 2013, Njord Partners manages capital in excess of €1 billion. Investing in European middle-market companies facing complex situations, its mission is to deliver superior risk-weighted returns to investors while preserving capital. As a capital partner, Njord Partners offers flexible debt and equity solutions, actively facilitating strategic and operational enhancements within its portfolio companies to drive value.
