Miami, USA-based cruise brand from Richard Branson’s Virgin Group, Virgin Voyages, raised USD 550 million in Capital Raise. The company announced the fundraise on September 8, 2023. Private Equity Group of Ares Management, a leading global alternative investment manager, led the financing for the company. Meanwhile, existing investors such as Virgin Group and Bain Capital joined in the funding.
Purpose of financing for Virgin Voyages
With the latest financing, Virgin Voyages seeks to strengthen its financial position. It also has plans to support the brand’s rapid expansion into international markets. The company focuses on creating an outstanding and innovative customer experience.
What the company’s official has to add
Tom McAlpin, founding CEO who is now retiring from the post, said, “It is hard to express just how proud I am of all that the Virgin Voyages Crew has created and the strong endorsement we are receiving from Ares. We have won numerous industry awards and received many five-star reviews because of our passion for this brand. While I will miss the day-to-day, I believe it is the right time to step aside as CEO. Nirmal is a great friend and experienced leader who lives and breathes the Virgin Voyages culture. I know he will help take this amazing brand and Crew to new heights, and I look forward to continuing to support the leadership team as Chairman.”
Josh Bayliss, CEO of the Virgin Group, further said, “The success of this capital raise shows how much Virgin Voyages has achieved and how much further it can go. We are very proud of the experience that Virgin Voyages has created and continues to deliver every day across its fleet. At Virgin, we have always aimed to create extraordinary experiences and challenge the status quo while putting purpose at the core of everything we do. With Tom at the helm, Virgin Voyages has established itself as a company that can do that consistently. We are so grateful for his and the team’s leadership in creating a truly brilliant business and look forward to this next phase of the Company’s growth.”
Nirmal Saverimuttu further added, “I want to send our deepest thanks, on behalf of all our Crew and the Board, to Tom for his leadership and passion for the business. We are so grateful for all he has done and are thrilled to continue to partner with him as our Chairman. Virgin Voyages is a beloved brand because of our Crew’s dedication and passion for delivering epic experiences for our guests. I am looking forward to working with the Ares team and our existing investors to deliver on our growth and expansion plans as we look ahead to our very bright future.”
What the investors have to comment
Aaron Rosen, Partner and Co-Portfolio Manager of Special Opportunities in the Ares Private Equity Group, further said, “With this new investment alongside our partners at Virgin Group and Bain Capital, we believe the Company is on a strong footing to capitalize on its differentiated product and value proposition in the growing cruise industry.”
Besides, Jordan Smith, Partner in the Ares Private Equity Group, said, “We believe that Virgin Voyages continues to be at the forefront of industry growth, and we look forward to working with Tom, Nirmal and the entire management team on this next chapter.”
About the company
Richard Branson is the founder of the company. The brand is already making waves, including being named No. 1 in the mega-ship category in the 2023 Travel + Leisure’s World’s Best Awards.
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