Virgin Voyages has closed a $550 million capital raise to accelerate its growth plans, according to a statement. This increased funding will support the brand's expansion into international markets.
The funding round was led by funds managed by Ares, one of the world's leading managers of alternative investments, and also includes additional capital from existing investors, including Virgin Group and Bain Capital.
with an unrelenting focus on creating an exceptional and innovative customer experience, the company said.
The company has also announced the retirement of its founding CEO, Tom McAlpin, who will become Chairman of the Board, supporting the brand and the executive team. His successor as CEO will be Nirmal Saverimuttu, who previously served as President and Chief Experience Officer.
“It’s hard to express how proud I am of everything the Virgin Voyages crew has created and the strong support we’re receiving from Ares,” said McAlpin. “While I’ll miss the day-to-day work, I believe this is the right time to step aside as CEO. Nirmal is a great friend and an experienced leader who lives and breathes the Virgin Voyages culture. I know he will help take this incredible brand to new heights, and I look forward to continuing to support the leadership team as Chairman.”
“With this new investment alongside our partners at Virgin Group and Bain Capital, we believe the Company is in a strong position to capitalize on its differentiated product and value proposition in the growing cruise industry,” said Aaron Rosen, Partner and Co-Head of Special Opportunities Portfolio at Ares Private Equity Group.
Saverimuttu was one of the founding leaders of Virgin Voyages and joined the business as Chief Commercial Officer in 2014 from the Virgin Group. In early 2021, he assumed the role of President and Chief Experience Officer.
“On behalf of our entire Crew and Board, I want to extend our deepest gratitude to Tom for his leadership and passion for the business. We are so grateful for everything he has done and are delighted to continue working with him as our Chairman,” said Saverimuttu. “Virgin Voyages is a much-loved brand thanks to our crew’s dedication and passion for delivering epic experiences to our guests. I look forward to working with the Ares team and our current investors to deliver on our growth and expansion plans as we look toward our bright future.”
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