PEGASUS CAPITAL ADVISORS, a U.S.-based private equity fund manager, has entered into an agreement to acquire the Bangkok-based ultra-luxury resort and spa business of Six Senses Resorts & Spas. Price was not disclosed.
In making the announcement, Craig Cogut, Pegasus Capital Advisors’ founder, noted that the Six Senses’ brand “has a great heritage and we believe it is strongly positioned to grow”.
Under the terms of the agreemrent, Pegasus will acquire all of the Six Senses and Evason-branded resort and spa management contracts and related intellectual property rights, and operate them under a new company managed by Pegasus and its affiliates. Bernhard Bohnenberger, the current president of Six Senses, will continue in that role and head the Six Senses’ Bangkok office.
Going forward, added Cogut, Six Senses will be a debt-free “with committed capital for expansion into new and within existing international markets. We’re confident that our president and our strong management team will continue to build on its legacy as a recognized leader in luxury hospitality”.
The Soneva brand and resorts – as well as the company’s real estate assets and holdings – are not included in the transaction, and will continue to be led by Sonu Shivdasani, the former founder and CEO of Six Senses, who will serve as chairman and CEO and principal shareholder of The Soneva Group.
“This transaction will allow me to focus solely on the development of the Soneva portfolio of resorts and real estate assets, and allow the Soneva and Six Senses brands to flourish independently of each other,” said Sonu Shivdasani, chairman and CEO of The Soneva Group.
“For myself and Eva, my wife, this means we can devote all our energies to our first love – the development of the Sonevas. Soneva will continue to operate its philanthropic arm, The Slow Life Trust, and remain dedicated to achieving environmental goals and a corporate commitment to sustainability.”
The transaction is expected to close within the next three months.
Pegasus currently manages approximately $2.5 billion in assets through several private equity funds and has made more than 80 investments since its inception in 1995.