A renowned leader
in worldwide luxury travel, Abercrombie & Kent Travel Group (AKTG) today
disclosed that it has secured
a financing deal worth up to $500 million from Citi.
This significant monetary
boost will allow AKTG to continue expanding its Abercrombie
& Kent global travel business while also restructuring
and consolidating its existing financial obligations. Underwritten by Citi, the
agreement now enables the company to secure improved lending terms that pave
the way for future growth.
The financing is a
component of AKTG’s “One A&K” strategy, which aims to unify the company’s
diverse operations and enhance the overall customer experience. As part of this
strategy, AKTG plans to invest in amplifying its owned assets around the globe.
This expansion will include establishing new Destination Management Companies
(DMCs) and developing such physical assets as camps, lodges, and riverboats in
both new and existing markets.
AKTG is working
toward opening new DMCs in Mexico
and Indonesia this year, which will complement its current network of 56
offices across 34 countries. The company is also launching new products
globally, from land-based offerings to luxurious private-jet itineraries aboard
the A&K jet.
AKTG is also expanding
its already impressive collection of Expedition Cruises, which currently
operate on all seven continents, with two new cruises introduced this year. In
addition, a new riverboat is set to launch in Peru
in 2025, bolstering the company’s leet of four existing riverboats in Egypt
and three expedition yachts sailing in the Galápagos
Islands, which operate under the Ecoventura brand.
On the land-based
side, AKTG currently owns and operates 12 camps and lodges in Africa, with a
new lodge expected to open next year in Kenya’s Amboseli National Park.
Beyond expanding
its physical presence, AKTG is investing in its digital infrastructure to
enhance operational efficiency and customer experience. The company is
developing a new Abercrombie & Kent global website, a centralized booking system, a travel advisor
portal, and a tailor-made Customer Relationship Management (CRM) platform.
“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,” said AKTG
Executive Chairman Manfredi Lefebvre d'Ovidio. “I am excited about this
next chapter together and the possibilities it unlocks for Abercrombie &
Kent.”
AKTG CEO Cristina Levis 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.”
“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,” added AKTG CFO Andrew Burrett.
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