Travel Technology, Hospitality Management

Virgin Voyages Close $550M Fundraise Led by Ares Management

Virgin-Voyages-Close-550M
  • Virgin Voyages announced a $550 million funding round led by Ares Management for global  expansion.
  • Founder Tom McAlpin transitions to Chairman of the Board, while Nirmal Saverimuttu takes over as CEO, bringing extensive experience from Virgin Voyages' early days.
  • Virgin Voyages looks forward to continued success and collaboration with investors, including Ares Management, to drive future growth and innovation.

Virgin Voyages, the award-winning cruise brand backed by Richard Branson's Virgin Group, has announced the completion of a $550 million fundraise led by Ares Management's Private Equity Group. This funding, including contributions from existing investors such as Virgin Group and Bain Capital, is poised to propel Virgin Voyages into international markets while enhancing the overall customer experience.

Partner and Co-Portfolio Manager of Special Opportunities in the Ares Private Equity Group, Aaron Rosen, remarked,

With this new investment alongside our partners at Virgin Group and Bain Capital, we believe the company is on strong footing to capitalize on its differentiated product and value proposition in the growing cruise industry.

[Source - Cision PR Newswire]

Established as a leading player in the industry, Virgin Voyages has swiftly gained recognition and accolades with a fleet serving various destinations and recent wins like topping the mega-ship category in Travel + Leisure's 2023 World's Best Awards and sweeping all five cruise categories in the 2023 Cruise Critic Cruisers' Choice Awards.

Alongside this development, Tom McAlpin, the founding CEO, is transitioning to the role of Chairman of the Board. Nirmal Saverimuttu is taking the reins as the new Chief Executive Officer, having formerly served as President and Chief Experience Officer. In addition, Nirmal Saverimuttu has been a foundational figure at Virgin Voyages since 2014, when he joined as Chief Commercial Officer after securing initial investments from the Virgin Group. His role expanded in 2021 to President and Chief Experience Officer, making him well-prepared to guide the brand into its next phase of growth and innovation.

Nirmal Saverimuttu, CEO of Virgin Voyages, said, 

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.

[Source – Cision PR Newswire]

Virgin Voyages is a trusted brand due to its crew's dedication and passion for offering remarkable experiences for its guests. Nirmal also expressed his anticipation of collaborating with the Ares team and Virgin Voyages' current investors to execute growth and expansion plans as the company contemplates its promising future.

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