Virgin Voyages Secures New Funding to Gas Strategic Progress
Virgin Voyages has closed on $550 million in new capital raised to assist its progress, together with the launch of two extra ships and growth into new markets in Australia and the Caribbean.
The funding was led by funds and accounts managed by BlackRock and contains new exterior financing and extra capital from current buyers, together with Bain Capital Personal Fairness and Virgin Group. Virgin Voyages has additionally acquired further, continued assist from its current lenders.
The brand new funding will allow Virgin Voyages to proceed executing its progress technique and additional strengthen its monetary place as cruise demand continues to achieve momentum. The corporate mentioned July marked its highest reserving month ever.
“Now we have created an unbelievable product that each our buyers and customers really consider in, and this extra capital comes at a time once we’re wanting ahead to exponential progress that may, in flip, assist us obtain what we got down to accomplish,” mentioned Tom McAlpin, CEO of Virgin Voyages.
Virgin Voyages formally launched in August 2021 and at the moment operates two ships – Scarlet Girl touring from the U.S. to the Caribbean, and Valiant Girl at the moment crusing within the Mediterranean.
The model has already acquired third-party recognition corresponding to Cruise Critic’s “Finest New Cruise Ship,” inclusion on Condé Nast Traveler’s 2022 Cruising “Scorching Checklist,” and just lately being named one of many high ocean cruise strains in Journey + Leisure’s World’s Finest Awards.
“Virgin Voyages has efficiently launched a brand new model within the cruise business and confirmed its enchantment to each the standard and non-traditional cruiser, permitting the model to faucet into new markets and re-imagine this journey class,” mentioned Ryan Cotton, a managing director at Bain Capital. “The growth and enthusiastic dedication of the investor group supporting Virgin Voyages is a testomony to the engaging fundamentals of this model and what makes it so particular.”
Added Brendan Galloway, director in BlackRock International Credit score: “Regardless of the unprecedented challenges the cruise sector has confronted previously few years, the business is exhibiting a strong rebound. We’re excited to put money into Virgin Voyages on behalf of our buyers as we see a optimistic outlook and spectacular progress on the horizon for the corporate,”
Virgin Voyages has seen exponential progress in bookings within the final six months and this 12 months is about to see a robust return throughout the business as cruising sails again towards pre-pandemic ranges.
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