Virgin Voyages secures nearly $800m in new funding
Virgin Voyages has announced it closed on USD$550m (AUD$795m) in new capital raise to support its growth.
The funding was led by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private Equity and Virgin Group. Virgin Voyages has also received additional, continued support from its existing lenders.
The new funding will enable Virgin Voyages to continue the execution of its growth strategy and further strengthen its financial position as cruise demand continues to gain momentum.
“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” CEO of Virgin Voyages, Tom McAlpin, said.
Managing director at Bain Capital, Ryan Cotton, added: “Virgin Voyages has successfully launched a new brand in the cruise industry and proven its appeal to both the traditional and non-traditional cruiser, allowing the brand to tap into new markets and re-imagine this travel category.
“The expansion and enthusiastic commitment of the investor group supporting Virgin Voyages is a testament to the attractive fundamentals of this brand and what makes it so special.”
Virgin Voyages officially launched in August 2021 and currently operates two ships, Scarlet Lady travelling from the U.S. to the Caribbean, and Valiant Lady currently sailing in the Mediterranean.
Virgin Voyages has seen exponential growth in bookings in the last six months and this year is set to see a strong return across the industry as cruising sails back toward pre-pandemic levels.
In addition, the cruise industry has recently welcomed an update from the CDC, including the sunsetting of the COVID-19 Program for Cruise Ships.
In April, Virgin Voyages announced they will be heading to Australia and New Zealand in 2023, with its newest lady ship to be calling Melbourne its home port.
Goldman Sachs & Co. LLC served as lead placement agent to Virgin Voyages.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
Bain Capital Private Equity BlackRock Tom McAlpin virgin voyagesLatest News
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