Press release -
HX Secures Major Investment as Consortium of Investors Acquires the Company, Contributing EUR140m in New Funding to Accelerate Growth and Innovation
- Consortium of Investors Offers a Wealth of Experience, Supported by a Sizeable New Capital Injection, to Underwrite the Delivery of HX’s Exciting Global Growth Strategy
- New Capital Investment will Accelerate New Growth Opportunities Combined with an Extension of the Existing Debt, with No Financial Debt Maturities Until 2030
- Transaction Expected to Close in January 2025, Representing a Major Milestone for HX on its Path to Becoming the Leading Cruise Expedition Operator Globally
LONDON, UK, 28th November 2024 - HX (Hurtigruten Expeditions, the “Company”) today announces that the Company has been acquired by a consortium of investors (“the Consortium”). The acquisition will facilitate the final stage in the separation of HX from its sister company Hurtigruten (both previously part of the Hurtigruten Group) and will include EUR 140m of new junior funding by the Consortium to support new growth opportunities.
The investment by the Consortium, which is led by Arini Capital Management and Cyrus Capital Partners, marks yet another exciting phase for HX. The Company will have the resources and strategic support to expand its offerings and provide guests with adventures to iconic destinations ranging from Northern and Southern Polar expeditions to trips to the Galapagos Islands. The acquisition also allows the company to continue its investment into a fleet of industry-leading ships, whilst delivering the very best expedition cruises for its customers.
The Company will continue to benefit from the experience and leadership of Chief Executive Officer Gebhard Rainer (previously with luxury travel brands Sandals, as CEO, and Hyatt, as CFO) from their new headquarters in London.
Rainer, CEO at HX, said, “During our 128-year history, we have taken guests on voyages to more than 250 destinations in 30 countries, and created amazing life-changing moments that alter the way our guests view the world. Today's announcement will allow HX to further enhance our offerings to our guests, boost our focus on greener innovation and explore new destinations around the globe.”
James McArthur, Chief Financial Officer at HX, said, “Today marks a monumental day for HX. I would like to thank our incredible workforce, strategic partners and new owners that have been pivotal in getting us to this point. HX has an exciting future ahead, and I look forward to seeing what this fantastic business can achieve over the next few years.”
Over the past half-decade, the expedition cruise market has experienced substantial growth, surpassing the overall demand in the traditional cruise sector. This growth is expected to continue, driven by an increasing interest from consumers in unique travel experiences which have a focus on science, adventure, and sustainability.
The acquisition does not have any practical implications for HX customer offering, business partners or daily operations.
The Consortium is committed to supporting the Company in its mission to provide guests with new and exciting travel experiences. Under this new ownership, the Company will also continue to foster a positive working environment that supports the professional development of colleagues across the business.
Torben Geisler, who led the Arini investment, said on behalf of the Consortium, "Today’s announcement is the start of an exciting new growth phase for HX, a company with a long history and a proven track record of innovation in the expedition cruise market. We believe HX is poised to continue to build market share, and the group of investors is committed to providing the backing needed to accelerate its success."
The Transaction is expected to close in January 2025.
Media requests and questions can be directed to HX (press@travelHX.com)
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HX - Hurtigruten Expeditions, the world’s leading expedition cruise company, has been guiding curious travelers on mindful adventures since 1896. With headquarters in London and a global team of over 1,300 professionals, HX operates a fleet of five modern ships, offering voyages to over 250 destinations across more than 30 countries.
Renowned for its pole-to-pole expeditions, HX combines sustainability, science, and education to create transformative travel experiences. Pioneering in sustainability, HX was the first cruise company to eliminate heavy fuel oils, ban single-use unnecessary plastics in its operations, and launch hybrid cruise ships. The company also supports scientific research, donating over 1,800 free cruise nights to onboard scientists, and runs the HX Foundation, providing grants to community projects focused on education and marine conservation.
To find our more information go to travelhx.com or follow their Instagram.
