UK cruise line Virgin Voyages has tapped private equity to raise $550m in fresh capital to expand into new international markets.
US-listed private equity firm Ares Management led the latest funding round with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital.
“The new funding raise will enable Virgin Voyages to strengthen its financial position while supporting the brand’s rapid expansion into international markets,” the cruise company said.
