Apollo Closes Regent Seven Seas Purchase, Plans New Ship

New York-based Apollo Management LP has completed the acquisition of Regent Seven Seas Cruises (RSSC) from Minneapolis-based Carlson. Apollo subsidiary Prestige Cruise Holdings (PCH), Regent Seven Seas’ new parent, gave the green light for the luxury line to open talks with shipyards for a newbuild.

Prestige said it gave RSSC management the authority to enter formal discussions with shipyards for a newbuild, with a view to placing a firm order during the second half of 2008 for delivery in 2011.

While specific details need to be finalized, management’s initial concept calls for a vessel of similar dimensions and guest capacity to the 700-guest all-suite, all-balcony Seven Seas Voyager and Seven Seas Mariner, but with larger standard suites, an enhanced spa, more dining venues and expanded dining options.

As previously announced, RSSC and Oceania Cruises will be placed under the ownership of PCH. The brands will remain independent -- RSSC in the luxury segment, and Oceania in the upper premium segment. Conroy and Bob Binder, president of Oceania, report to Del Rio. Apollo’s investment in NCL Corp. will remain a separate holding outside of PCH.

Founded in 1990, Apollo is a private equity and capital markets investor with more than 17 years of experience investing across the capital structure of leveraged companies. The firm employs more than 140 professionals and has offices in New York, Los Angeles, London, Singapore, Frankfurt and Paris.