Virgin Voyages has secured a half-billion-dollar cash injection to accelerate its growth plans.
It has closed on a $550 million capital raise led by funds managed by Ares Management.
It includes additional capital from existing investors including Virgin Group and Bain Capital.
The new funding will help Virgin Voyages strengthen its financial position while supporting expansion.
It comes as the launch of Virgin Voyages’ fourth ship Brilliant Landy has hit a roadblock.
The ship launch is delayed due to construction and supply chain issues.
Tom McAlpin is retiring as CEO and transitioning to the role of Chairman of the Board of Directors.
Nirmal Saverimuttu, the current President and Chief Experience Officer, will become new CEO.
Virgin Voyages officially launched in August 2021 and currently has three ships in service.
“With this new investment, we believe the company is on strong, footing” said Ares Private Equity Group’s Aaron Rosen.
