Newport Beach-based Ambassadors International Inc. has sold its travel and event division to a Milwaukee private equity fund for an undisclosed price.
Ambassadors International sold the business to private equity fund Lakeview Equity Partners LLC.
The business puts together incentive trips for companies to reward salespeople.
Ambassadors also operates riverboat, Alaska, Hawaii, Mediterranean and Caribbean cruises. It’s looking to sell most of its cruise operations as part of a restructuring.
The company also provides construction, consulting and operational services to marina owners. That business also is up for sale.
In February, Ambassadors said it planned to sell all of its operations except for its Windstar Cruise line that operates from Seattle.
The company plans to move its headquarters to Seattle in the next several months.
Ambassadors in February hired Little Rock, Ark.-based investment bank Stephens Inc. to sell most of its operations.
Earlier this month, Joe Ueberroth stepped down as chief executive of the company.
As part of the move to Seattle, all of the company’s current executive team will be “transitioning out,” according to Ambassadors.
A chief executive search is ongoing.
The departure of Ueberroth,nephew of cofounder Peter Ueberroth,ends the family’s longtime management of the company.
