In early May, L Catterton surfaced with a $400 million investment. The company’s cash infusion came with the stipulation that Norwegian Cruise Line would raise at least another $1 billion—and it did by skleb1234
” about its ability to keep operating amid coronavirus lockdowns. That same day, L Catterton surfaced with a $400 million investment, through a private placement of six-year convertible senior notes. It was a move reminiscent of Warren Buffett’s lifeline to Goldman Sachs in 2008, because the notes, which will ultimately make L Catterton the cruise line’s largest shareholder, pay 7% interest.
“We can’t predict the future, but the data, combined with 40 years of history and what consumers are telling us, suggests that the industry will bounce back,” says Dahnke. “When that does happen NCL is positioned to continue as an exceptional performer.” “The data is as compelling as anything as I’ve seen in my career. . . . There is a high degree of loyalty, repeat cruises,” says Dahnke. “OneSpaWorld was our first investment directly in the cruise industry and it has helped inform our views.”, while still retaining nearly half their original stake. The stock ran up 37% from its IPO until January 2020; It’s now down 50%.
Billionaire Bernard Arnault's luxury conglomerate, LVMH, was the inspiration for the “L” in L Catterton.Today, L Catterton has over $20 billion in capital, which it invests in leading consumer brands, from fitness providers Equinox and ClassPass to companies like Cholula hot sauce and the Honest Co., Jessica Alba’s eco-friendly maker of high-end diapers, makeup and kitchen cleansers.
Obviously, some things will change once lockdowns are lifted, but it won’t be business as usual for the industry. Robert Kwortnik, who teaches marketing at Cornell’s College of Business, says cruise operators will need to beef up costly
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Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise LineI am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter skleb1234 or email me at sklebnikovforbes.com
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Why A Private Equity Firm Backed By Bernard Arnault Is Putting $400 Million Into Norwegian Cruise LineI am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter skleb1234 or email me at sklebnikovforbes.com
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