Virgin Voyages has introduced that it has closed on $550 million in new capital to help its progress as a cruise model.
The funding was led by funds and accounts managed by BlackRock, and consists of new exterior financing and extra capital from traders, together with Bain Capital Personal Fairness and Virgin Group. The cruise line has additionally obtained extra help from its current lenders.
In a press launch, Virgin Voyages stated that the brand new funding will allow it to “proceed the execution of its progress technique and additional strengthen its monetary place as cruise demand continues to realize momentum.”
“We now have created an unbelievable product that each our traders and shoppers actually imagine 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,” stated Tom McAlpin, CEO of Virgin Voyages.
After its preliminary deliberate launch in 2020 was delayed as a result of international pandemic, Virgin Voyages formally launched in August 2021 and at the moment operates two ships — Scarlet Girl out of Miami to the Caribbean, and Valiant Girl within the Mediterranean.
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“Virgin Voyages has efficiently launched a brand new model within the cruise trade and confirmed its attraction to each the normal and non-traditional cruiser, permitting the model to faucet into new markets and re-imagine this journey class,” stated Ryan Cotton, a Managing Director at Bain Capital. “The enlargement 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.”
Within the final six months, Virgin Voyages has seen exponential progress in bookings, and is about to see a robust the rest of the 12 months as cruising returns to pre-pandemic ranges. Analysis by the cruise line confirms this, as 96 p.c of shoppers stated they’re able to cruise this 12 months.
As well as, a weight has been lifted off the cruise trade because the CDC lately discontinued its COVID-19 Program for Cruise Ships, saying that it could present steerage however cruise ships would not be underneath any kind of classifying system with reference to COVID-19.
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