Connect with us

Business

Carlyle takes over Trans Maldivian Airways from Bain Capital

Published

on

Carlyle Group Inc said on Thursday it has taken a majority stake in Trans Maldivian Airways (TMA), the world’s largest seaplane operator, from buyout firm Bain Capital following a debt restructuring deal.

TMA began negotiating debt relief with Carlyle and its other creditors after the airline grounded most of its fleet of 56 seaplanes last year, as the Covid-19 pandemic halted travel and tourism into the Maldives.

Terms of the transaction were not disclosed, but people familiar with the matter, who requested anonymity, said Carlyle took majority ownership of TMA from Bain in exchange for agreeing to restructure the airline’s outstanding debt of about $300 million.

Lenders including hedge fund managers King Street Capital Management and Davidson Kempner Capital Management LP took stakes in TMA alongside Carlyle. Bain and Tempus Group, a Chinese tourism-focused conglomerate, retained minority stakes in TMA, according to the sources.

“This transaction marks the beginning of a new chapter for TMA. We look forward to the support of our new owners as we ramp up business and continue providing the world-class service our customers have come to expect,” AUM Fawzy, CEO of TMA, said, in a statement.

“As we do that, the health and safety of our customers and employees remain fundamentally important to both management and our new shareholders and we will continue to follow our industry-leading protocols to ensure the welfare of those involved in TMA’s operations.”

Carlyle said TMA’s current management team will remain in place. A newly reconstituted board will include Lars Erik Nielsen, one of the airline’s founders.

“Our deep experience working with aviation companies positions us well to work alongside our partners at Carlyle and Davidson Kempner as we help lead the company to a strong recovery and its next growth stage,” Zachary Lewis, Managing Director at King Street, said, in the statement.

Bain Capital had owned most of TMA since 2017, when it paid over $500 million in a leveraged buyout deal, together with Tempus, to acquire the airline from Blackstone Group Inc.

Airlines are expecting that widespread vaccinations and the easing of travel restrictions will lead to a rebound in domestic and international flights as more people book trips for business and leisure.

Carlyle’s acquisition of TMA was carried out by the private equity firm’s global credit unit, which has $59 billion in assets under management.

“TMA is an operationally strong business with an experienced management team and clear competitive advantages. We are pleased to provide the strategic capital and expertise the company needs to return to growth,” Christian Schmitz, Managing Director of Carlyle Global Credit, said, in the statement.

“As vaccines continue to be rolled out globally, we expect travel to return to pre-pandemic levels in the Maldives, which remains one of most attractive vacation destinations in the world.”

Note: The above is based mainly on reporting by Reuters.

Business

Dubai Chocolate Brownies in Maldives: BBM, Dreidoppel conclude pastry tour

Published

on

BBM’s exclusive Dreidoppel Demo Tour, led by Master Pâtissier Frankie Robin, concluded successfully on Apr 30th, after a 10-day pastry training series across 15 leading Maldivian resorts that requested the training. Two city bakeries were also trained on the 30th. The initiative brought together global expertise and a strong commitment to raising pastry standards in the local hospitality industry.

This year’s sessions focused on practical pastry solutions using Dreidoppel’s premium ingredient range to create Panettone, Dubai chocolate brownies, Mousses, Crème Brûlée, Fill & Gloss applications, and Caramel Chocolate Snacks.

A standout feature of the tour was the passion shown by young chefs across the islands.

Chef Frankie Robin remarked, “What truly impressed me was how prepared and passionate the young chefs were. Their eagerness to learn, experiment, and take their skills to world-class standards made every session an absolute joy.”

Grounded in real kitchen challenges—speed, flavour, and efficiency—Chef Frankie’s demos showcased how smart ingredient choices can drive both creativity and performance.

A.V.S. Subrahmanyam, Chief Operating Officer at BBM, added, “At BBM, we believe in more than just supplying ingredients—we are committed to the professional growth of the industry. Collaborations like this empower culinary teams with global techniques and greater confidence.”

The tour reflects BBM’s ongoing efforts to strengthen the Maldivian foodservice industry through knowledge-sharing and access to world-class products.

Continue Reading

Business

BBM brings Vaseline, Hellmann’s, BRU Coffee to Maldives market

Published

on

Bestbuy Maldives (BBM) extended their strong and decades old partnership with Unilever International, by adding to their brand portfolio – Vaseline, Hellmann’s, and BRU Coffee for the Maldivian market.

The collaboration was announced at a Business gathering held at the Manhattan Business Hotel, attended by over 300 trade partners from across Maldives.

With this partnership, BBM strengthens its retail offerings across the Maldives archipelago. Vaseline, a trusted name in skincare, and Hellmann’s, known globally for quality food products, will now be available through BBM’s distribution network.

“Vaseline is a name that generations trust for skin care. And Hellmann’s is a global icon in flavours. We’re proud to bring both to shelves across the Maldives and enrich everyday living for our customers,” said Muksith Hussain, Business Head – Retail.

In the hospitality sector, BBM introduces Bru Coffee as an addition to its HORECA (Hotel, Restaurant, Café) offerings. BRU Coffee provides a quality beverage option for hotels, resorts, and restaurants across the Maldives.

“BRU is one of the most loved coffee brands in the region. With this launch, we’re giving our hospitality partners a versatile product that delivers on both taste and reliability that can be consumed as a beverage and for the purpose of dessert preparation, something they can serve with confidence,” said Hisham Girsy, Business Head – HORECA.

The gathering served as a platform for BBM to engage with its valued trade partners and introduce these new brands to the market.

A.V.S Subrahmanyam, Chief Operating Officer at BBM, remarked: “BBM is built on relationships. This event reflects our commitment to not just introduce great products but to support, connect, and elevate our trade partners. We’re in this together, and the journey ahead is promising.”

As BBM continues to grow its portfolio and global partnerships, the focus remains clear delivering excellence, building trust, and shaping the future of trade in the Maldives.

Bestbuy Maldives (BBM) is a leading distribution company in the Maldives, connecting international brands with local businesses across retail and hospitality sectors. With a customer-focused approach and extensive distribution network, BBM continues to be a trusted partner in the Maldivian market.

Continue Reading

Business

Redefining corporate retreats at Cinnamon Dhonveli Maldives

Published

on

MICE travel is undergoing a sea change—quite literally. No longer limited to traditional conference rooms and structured schedules, Meetings, Incentives, Conferences, and Events (MICE) are now about creating moments that inspire, rejuvenate, and bring teams closer together. At Cinnamon Dhonveli Maldives, the boundaries between business and leisure blur, offering a setting that transforms work into a pleasure.

Just a 20-minute speedboat ride from Malé, Cinnamon Dhonveli Maldives is the ideal destination for teams looking to escape the expected. Here, brainstorming sessions take place on powder-soft beaches, where the rhythmic waves set the pace for new ideas. Mornings might begin with yoga by the ocean, followed by strategy meetings in open-air pavilions. Afternoons invite collaborative workshops under swaying palms or team-building activities that include snorkelling, paddleboarding, or even a friendly beach volleyball match.

Dining at Cinnamon Dhonveli Maldives elevates every corporate event with fresh, sea-to-table cuisine, designed to fuel both body and mind. From curated group dinners under star-streaked skies to themed private banquets, every meal becomes an experience in itself. For those looking to celebrate milestones or reward top performers, the resort’s scenic locations offer the perfect backdrop for gala evenings or intimate cocktail gatherings.

Accommodation blends comfort with elegance, offering ocean-view suites and beachside retreats that allow participants to rest, recharge, and return with a fresh perspective. Despite the remote charm, connectivity is never an issue—seamless Wi-Fi and business-friendly amenities ensure that productivity doesn’t pause, even in paradise.

Cinnamon Dhonveli Maldives turns corporate travel into something memorable. Whether it’s a leadership retreat, a high-level conference, or an incentive escape, the resort offers a canvas for events that leave lasting impressions. Here, business goals are pursued in harmony with nature, creativity flows effortlessly, and the line between work and well-being fades.

Let your next MICE experience be more than a meeting—make it a journey worth sharing.

Continue Reading
Advertisement

Trending

Copyright all rights reserved by Maldives Promotion House 2023.