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Back to News Menu         Cruise News for the Corporate Travel Professional           February 2016

Haimark Purchased by Private Equity Group

The Haimark river and coastal cruise operations have been bought by VC2 Capital, a Los Angeles-based private equity company.  VC2 Capital said it signed a definitive agreement to acquire Haimark Ltd., Haimark Line Ltd., Haimark S.A. Ltd. and Haimark Affinity Travel Ltd.

The companies operate eight river cruise vessels in India, Southeast Asia and on the Amazon River. Haimark Line has offered coastal and inland cruising on the Great Lakes and Canada/New England, and has plans to operate cruises between Miami and Cuba starting in February.

The coastal cruise operation filed for Chapter 11 bankruptcy protection after its vessel, the Saint Laurent, struck a lock wall last summer. A dispute over insurance liability between the ship’s owner and its operator was the catalyst for the Chapter 11 filing, which is ongoing.


VC2 is an affiliate of Vert Capital Corp., and its managing directors are Adam Levin and Michael Pope.  In a press release, Levin said VC2 plans to retain Haimark’s top management, including Markus Leskovar and Hans Rood.
  (Image: Left - Hans Rood)

"The luxury small-ship concept is one  sof the fastest-growing segments within the travel sector and will be an integral part of our investment strategy complementing our other travel related investments,” Levin said.

"We believe the entire team from Haimark, with their entrepreneurial vision, commitment to high customer service and focus on company culture, is a perfect platform for us to build upon.”

VC2 will look to Haimark’s current management, Marcus Leskovar and Hans Rood, to continue to lead the business, Levin said, adding they will be a 'valued addition to VC2’s deep bench of leadership that leads its portfolio of companies.' (Image: Right - Marcus Leskovar)

In addition to investing internally in expanding operations, Haimark management will be actively looking for new acquisitions in the luxury travel sector.

'We share VC2s’s excitement in the Haimark acquisition. Their investment, together with their infusion of energy, expertise and capital, assures a positive future for Haimark and our employees, partners and guests,' Rood said. 'This transaction and funding allow us to launch our previously announced sailings to Cuba from Miami and to continue our best-in-class travel experience.'

The Cuba sailings were planned for Saint Laurent. Rood said Haimark aims to renegotiate a charter contract with Clipper or get another vessel lined up, 'all progressing right now to meet our Cuba deployment deadlines.' Haimark Line's website currently lists the first departure as Feb. 11.

During 2015, the vessel sailed in Canada/New England and the Great Lakes. Circumnavigations of Cuba on people-to-people cruises, pending Cuban approval, were advertised to start as early as last December. However, the ship stopped operating in October when Haimark Line filed for Chapter 11 protection.

That was intended to resolve the liability issue between charterer Haimark and the shipowner, Clipper, springing from an accident in early June when Saint Laurent struck a lock in the St. Lawrence Seaway. The hull suffered significant damages and four cruises were canceled while repairs were completed.

On its website, Haimark lists the first cruise Cuba cruise as departing Feb. 11.

The status of Saint Laurent, owned by Clipper Group, remains up in the air, however. In an e-mail Rood said Haimark is currently finalizing the Saint Laurent deployment and “this might take a few more days to get finalized.”

None of the river cruise operations were involved in the Chapter 11 bankruptcy reorganization.

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