Spain´s Marsans Group to Sell Pullmantur Division

Spain-based Marsans Group announced it´s ready to put the Pullmantur –one of its primary tourist divisions- on sale. At a value of more than €300 million, Pullmantur is made up of a tour operator, a charter airline and a fleet of cruise liners.

The group, owned by Gonzalo Pascual and Gerardo Diaz, has empowered the BANESTO company to look for a financial partner willing to buy between 30 and 40 percent of the total capital, even the 100 percent of it if a good proposal were put on the table.

“The objective of Pullmantur is to keep on growing with its own idea of doing business. To that aim, the company needs to make heave investment to lure more capital and bankroll the purchase of new vessels,” sources close to the group said last week.

Since it foundation in 2001, Pullmantur has had a dramatic growth and it now controls 45 percent of the Latin market. Right now, Pullmantur is the world´s ninth cruise company with only five years of operations.

With over €300 million worth of revenue and a payroll of 2,000 employees, Pullmantur also own jetliners and a tour operator.

Earlier this year, Pullmantur turned down a bid made by Royal Caribbean, the world´s second-largest cruise company.