Virgin Voyages today announced it has closed on $550 million in new capital raise to support its growth, according to a company press release.
The funding was led by funds and accounts managed 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 company said.
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,” said Tom McAlpin, CEO of Virgin Voyages.
“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,” said Ryan Cotton, a Managing Director at Bain Capital. “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.”
“Despite the unprecedented challenges the cruise sector has faced in the past few years, the industry is exhibiting a powerful rebound. We are excited to invest in Virgin Voyages on behalf of our investors as we see a positive outlook and impressive growth on the horizon for the company,” said Brendan Galloway, Director in BlackRock Global Credit.