Management-Buy-Out at A_ROSA Flussschiff GmbH closed with support of Waterland

Rostock (Germany), 15 July 2009 - The management buyout (MBO) of river cruise operator A-ROSA Flussschiff GmbH (A-ROSA) has been successfully closed with the support of Waterland. All conditions of the contract signed in April 2009 have been met, implying that A-ROSA will from now on operate as an independent company. Parties agreed not to disclose financial details about the transaction.

In April 2009, with the support of Waterland, Mr. Lars M. Clasen, then general manager and shareholder of Deutsche Seereederei GmbH (DSR), and Mr. Markus Zoepke, Chief Operating Officer (COO) of A-ROSA acquired the shares held by DSR in A-ROSA. After the closing of the MBO, Mr. Lars M. Clasen will step down as DSR’s general manager and withdraw as shareholder of DSR. As a consequence, DSR will again be wholly owned by the Rahe family.

“By gaining our independence, we have laid the foundation for the further expansion of our company” said M. Lars M. Clasen, the new general manager of A-ROSA. “We intend to expand A-ROSA’s position in the river cruise market. Together with Waterland, we can achieve A-ROSA’s growth ambitions much faster than on our own.”

Jörg Dreisow, managing director of Waterland in Germany, commented: “We are convinced that the European river cruise market still has considerable potential. It is a highly fragmented market, and consolidation is knocking at the door.  With Mr Clasen and Mr Zoepke, we are pleased to partner with one of the best management teams for implementing a growth strategy. Together we intend to continue to expand A-ROSA’s leading position in Germany and beyond.”

Headquartered in Rostock (Germany), with an additional office in Switzerland, A-ROSA Flussschiff GmbH is the market leader in the river cruise market on the Danube and the Rhône/Saone rivers. Recently, it expanded its offering to the Rhine. The company employs around 365 employees and operates a state-of-the-art fleet of seven vessels to which it will add a Rhine vessel in 2010. In 2008 A-ROSA achieved a turnover of € 45 million.

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