French luxury expedition cruise line Ponant has been sold for an undisclosed
sum.
According to an announcement from
Bridgepoint, the private equity firm that has owned Ponant since 2012, the buyer is Artemis Group.
Based in Paris, Artemis Group
controls assets such as auction house
Christie’s and Bordeaux wine estate Chateau Latour. The holding
company also controls Kering with its fashion brands such as Gucci and Saint
Laurent. The company’s chairman, Francois-Henri Pinault, is the son of
French billionaire Francois Pinault and the husband of actress Selma
Hayek.
Ponant has four sleek expedition ships that
carry from 224 to 264 passengers each, plus a 64-person sailing yacht. It
carries 30,000 passengers a year, according to Bridgeport, which said that
since 2012 it has doubled Ponant’s annual revenue to 140 million euros (about $155 million) and tripled
its profits.
"The transformation
and progress achieved by the company have been outstanding,” said
Bridgepoint partner Xavier Robert, "and we are proud to
have worked with the management team and contributed
to its success. The planned transaction ensures the continuity
of the company's ambitions with the acquisition of our
interests by a like-minded longterm shareholder."