Cruise West (“CW”) is a family-owned, small-ship cruise line and tour company based in Seattle, Washington. CW is one of the largest U.S. flag cruise lines, operating a fleet of nine vessels with capacities of 78 to 138 guests. CW focuses on providing exceptional “Up-close, casual and personal” small-ship cruises to Alaska, the West Coast, Central America, Mexico, the South Pacific, and Asia.

Since its inception in 1973, CW has operated under the consistent philosophy of providing its guests with memorable life experiences that focus on the destination (natural beauty, history and culture) from the intimate setting it provides. CW founded and has built its business and brand image in Alaska, where it is the dominant small-ship cruise operator, offering unparalleled, environmentally conscious access to some of the most pristine coastal waters in North America.

Certain non-control, second-generation CW shareholders were seeking an opportunity to sell their interest in the business in order to gain liquidity and diversify their wealth.

ZS Role

Zachary Scott was engaged to assist CW to structure and negotiate a recapitalization of the business to redeem the interest of the non-controlling shareholders. Zachary Scott evaluated financing alternatives and implemented a long-term funding strategy to support the continued growth of the business.


Zachary Scott assisted CW to successfully complete a recapitalization of the business and arranged senior debt financing, which materially enhanced the Company’s liquidity and balance sheet flexibility and leaves the business well-poised for further growth.