Calif. -- Ambassadors International, the travel and event
management company headed by Peter and Joe Ueberroth, agreed to
acquire Seattle-based American West Steamboat Co. from Oregon Rail
agreement, Ambassadors Cruise Group, a newly created division of
Ambassadors International, will pay $1 for 100% of the shares of
American West. David Giersdorf, a 30-year cruise industry veteran
and former executive at Holland America Line, will be president and
COO of the new cruise division of Ambassadors.
Most of American
Wests staff is expected to stay on, according to Ambassadors
President and CEO Joe Ueberroth. He said he expects the sale to
close this month.
The new operation
is expected to bring an additional $41 million in revenue to
Ambassadors, according to Brian Schaefgen, Ambassadors CFO. The
company will operate its 2006 schedule as previously published and
will look to make innovative itinerary changes in 2007.
Founded in 1995,
American West Steamboat Co. operates historical and nature-oriented
cruises on the Columbia and Snake rivers, Alaskas Inside Passage
and Puget Sound. It operates two modernized replicas of historic
sternwheeler ships, the 231-passenger Empress of the North and the
150-passenger Queen of the West.
Ambassadors is looking for complementary acquisitions in the niche
reporter David Cogswell, send e-mail to [email protected].