Sir Richard Branson’s adults-only cruise brand has raised $550 million of new capital to accelerate growth plans.
The capital raise by Virgin Voyages was led by the private equity firm and investment manager Ares Management with additional funds from existing investors, including Virgin Group and Bain Capital.
The new funding would “enable Virgin Voyages to strengthen its financial position while supporting the brand’s rapid expansion into international markets”, it said.
In conjunction with the announcement, Virgin Voyages said that Tom McAlpin would be retiring as chief executive and moving up to chairman of the board of directors. Nirmal Saverimuttu, president and chief experience officer, takes over as chief executive.
Virgin Voyages officially launched in August 2021 and operates three ships servicing the Caribbean, the Mediterranean