Sonu to sell Six Senses to US private equity fund manager Pegasus Capital

Monday, 16 April 2012 00:00 - - {{hitsCtrl.values.hits}}

Pegasus Capital Advisors L.P., a US-based private equity fund manager, has entered into a binding agreement, through one or more of its affiliates, to acquire the Six Senses Resorts & Spas Bangkok-based resort and spa business for an undisclosed sum.

Under the terms of the deal, 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, currently the president of Six Senses, will continue in that role and head the Six Senses’ Bangkok office.

“Six Senses is known around the world for providing a unique and innovative guest experience,” said Craig Cogut, founder, Pegasus Capital Advisors. “The brand has a great heritage, and we believe it is strongly positioned to grow. Going forward, the new Six Senses will be a debt-free company with committed capital for expansion into new markets and within existing international markets. We are confident that our president Bernhard Bohnenberger 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.