LONDON, Aug. 12,
2024 /PRNewswire/ -- Abercrombie & Kent Travel
Group (AKTG), the world's leading provider of exceptional travel
experiences, today announced that it has secured and signed a
definitive financing agreement for up to $500 million to fund its continued expansion of
its Abercrombie & Kent global travel business.
The facility has been underwritten by Citi and enables the
company to restructure existing legacy financing arrangements, not
only consolidating them, but achieving improved lending terms. This
gives Abercrombie & Kent a clear runway for expansion over the
coming years.
The funding is part of the "One A&K" strategy, which is
focused on unifying every element of the business and improving the
end-to-end product experience for consumers. As part of this
growth, Abercrombie & Kent will invest in expanding its
owned assets, globally. This will result in new Destination
Management Companies (DMCs) and physical assets such as camps,
lodges, and riverboats, in existing and new markets.
New DMCs are planned in Mexico
and Indonesia this year, in
addition to Abercrombie & Kent's existing 56 offices in 34
countries. New products have been created across the globe, from
land-based itineraries to private-jet journeys on the A&K jet.
There are Expedition Cruises on all seven continents, with two new
cruises launched this year. A new riverboat will launch in
Peru next year, joining the
company's current fleet of four riverboats in Egypt, and three expedition yachts in the
Galápagos Islands under the Ecoventura brand. Abercrombie &
Kent also has 12 camps and lodges in Africa, with a new one slated to open next
year in Kenya's Amboseli.
The company is also investing in its back-office systems and
creating a world-leading digital infrastructure, centred on a new
Abercrombie & Kent global website, centralised booking system,
travel advisor portal – all supported by a bespoke CRM
platform.
Manfredi Lefebvre d'Ovidio,
AKTG Executive Chairman said: 'This deal cements another
milestone in the over 30-year relationship between my family and
Citi. It is a partnership that has helped build businesses and
generate growth all around the world. I am excited about this next
chapter together and the possibilities it unlocks for Abercrombie
& Kent.'
Cristina Levis, AKTG CEO
added: 'Our finance team, headed by Andrew Burrett, did a tremendous job in
negotiating and securing this transaction in record time. Once
again Citi has shown to us their support reconfirming that they
believe in our vision and in the enormous growth potential of
Abercrombie & Kent, Crystal and Cox and Kings.'
Andrew Burrett, AKTG CFO
said: 'This transaction, facilitated by our strong partnership
with Citi, is a step change for the Abercrombie & Kent Travel
Group and our vision of "One A&K", creating a clear runway
for us to further accelerate our growth path and expanding into
more locations where we can continue to delight our
guests.'
AKTG were advised by King & Spalding LLC and Citi were
advised by Norton Rose Fulbright LLC in this transaction.
All media enquiries, please
contact:
AKTG
James
Treacy, Global Communications Director |
jtreacy@abercrombiekent.com, 07854 933581
Peter Chipchase, Chief Marketing
Officer | pchipchase@abercrombiekent.com
About A&K Travel Group Ltd.
A&K Travel Group
is a global lifestyle and travel company that sets the standard for
refined and personalized travel experiences. These include
Abercrombie & Kent, Crystal and Cox & Kings, as well as
investments in other travel companies such as Habitas.
About Abercrombie & Kent
Abercrombie & Kent
pioneered luxury adventure travel with our first African safaris in
1962, and today our award-winning travel services extend around the
globe to more than one hundred countries on all seven continents.
A&K's custom itineraries and small-group journeys offer
one-of-a-kind inspiring experiences, while more than 55 on-site
offices in over 30 countries ensure invitation-only access to the
people and places that make every destination.
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SOURCE AKTG