Virgin Voyages Announces $550 Million in Funding, New Global Itineraries

Virgin Voyages has closed on a $550 million capital raise to accelerate its growth plans. The round was led by funds managed by the Private Equity Group of Ares Management, a global alternative investment manager, and also includes additional capital from existing investors including Virgin Group and Bain Capital. The new funding will let Virgin Voyages strengthen its financial position while supporting the brand’s rapid expansion into international markets.

The company further announced that founding CEO Tom McAlpin is retiring as CEO and transitioning to the role of chairman of the board of directors. Nirmal Saverimuttu, who currently serves as president and chief experience officer, has been appointed the new CEO.

“It is hard to express just how proud I am of all that the Virgin Voyages crew has created and the strong endorsement we are receiving from Ares. We have won numerous industry awards and received many five-star reviews because of our passion for this brand,” McAlpin said. “While I will miss the day-to-day, I believe it is the right time to step aside as CEO. Nirmal is a great friend and experienced leader who lives and breathes the Virgin Voyages culture. I know he will help take this amazing brand and crew to new heights, and I look forward to continuing to support the leadership team as chairman.” 

Virgin Voyages officially launched in August 2021 and currently operates three ships sailing in the Caribbean, the Mediterranean, and, by the end of the year, Australia and New Zealand. 

“With this new investment alongside our partners at Virgin Group and Bain Capital, we believe the company is on strong footing to capitalize on its differentiated product and value proposition in the growing cruise industry,” said Aaron Rosen, partner and co-portfolio manager of special opportunities in the Ares Private Equity Group.

Saverimuttu was a founding leader of Virgin Voyages and joined the business as chief commercial officer in 2014 from the Virgin Group after successfully closing the first investment round. In early 2021, he took on the expanded role of president and chief experience officer.

Virgin Voyages also revealed future itineraries, which include 19 new ports and 27 new itineraries through April 2025. Spanning the globe, the new offerings feature a return to the U.K. following strong demand, and new destinations in Australia and Caribbean. 

“Our loyal sailors have been asking for more places to visit with us, so we’re delivering in a big way. New ports, new itineraries and more local and immersive experiences to create unforgettable getaways,” said Michelle Bentubo, senior vice president-service excellence and travel operations. “From Morocco to Mooloolaba, Amsterdam to Bordeaux, Catania to Port Douglas, we now offer more than 120 incredible places you can explore aboard our award-winning ships you know and love. After all, it’s not just about where you go; it’s about who you go with and make a holiday one to remember.”

After returning from her inaugural season in Australia, Virgin Voyages’ newest ship, Resilient Lady, will sail three itineraries from Athens from May through July 2024. The popular “Greek Island Glow” visits Santorini and Mykonos; “Adriatic Sea and Greek Gems” sails along Croatia’s Dalmatian Coast before stopping in Kotor and Corfu; and “Starry Nights in Greece & Croatia” offers a mix of the other two seven-night itineraries. 

Resilient Lady also returns to its British brand roots with three- to six-night sailings starting in mid-August 2024. Highlights include “English Sights and European Delights,” which visits Le Verdon (Bordeaux), La Coruna, Bilbao, Amsterdam and Bruges.

Resilient Lady will depart on a 44-night repositioning from Athens to Australia in October 2024, making stops in destinations like Dubai, Mumbai, Singapore and Bali along the way. Once Down Under, the ship will operate 15 new itineraries and visit nine new ports including Broome, Albany, Adelaide, Newcastle, Mooloolaba, Port Douglas, Brisbane, Eden and Kangaroo Island.

To start her 2023 winter season, Valiant Lady will begin signature itineraries from Miami, such as the “Eastern Caribbean Antilles” and “Western Caribbean Charm.” From January through March 2024, it will operate out of San Juan, Puerto Rico, offering two southern Caribbean voyages originally scheduled for Brilliant Lady including “The Southeastern Caribbean Isles” and “Sunsets in the Lesser Antilles.”

With Scarlet Lady heading into dry dock next year, sister ship Valiant Lady will trade places starting in April 2024. Departing from Miami, Valiant Lady will continue to offer Scarlet’s four- and five-night Caribbean rotations, along with a special six-night “Holidaze and Nights” voyage.

Between May and October 2024, Scarlet will take on Valiant Lady’s two seven-night itineraries: “Irresistible Med” and “French Daze and Ibiza Nights.” On Nov. 3, Scarlet will embark on an 11-night repositioning voyage from Barcelona to Civitavecchia, stopping in Mallorca, Corsica and Sardinia. After a short period in dry dock for general maintenance, enhancements, and recalibrations, Scarlet Lady will return to service with a 16-night transatlantic voyage from Rome to Miami, with calls in Funchal (Madeira, Portugal) as well as Santa Cruz de Tenerife (Spain). 

After arriving in Miami on Dec. 14, 2024, Scarlet Lady will offer Valiant’s signature six- and eight-night winter voyages through the spring of 2025 including “Western Caribbean Charm” and the “Eastern Caribbean Antilles.” Originally debuting in the fall of 2022, these longer itineraries from Miami feature late-night stays in San Juan, authentic experiences in Roatan, and a day trip to St. Croix. 

While introducing three mid-sized vessels in less than two years, Virgin is susceptible to global issues. Despite careful planning, Virgin Voyages is facing unexpected construction, supply chain and staffing challenges that have delayed the introduction into service of its new ship, Brilliant Lady. The brand has made the tough decision to postpone Brilliant Lady’s launch. Virgin Voyages is evaluating new possible launch dates when it is able to deliver the standards the brand’s guests have come to expect. 

Guests with bookings that have been canceled will receive generous offers along with exclusive rebooking perks and onboard credit once the new date is announced. 

“We’ve built a brand that has taken the industry by storm, but even the strongest businesses face unforeseen challenges every now and then,” Bentubo said. “We are sorry that our Sailors and First Mates who were excited about Brilliant Lady will have to wait a little bit longer for her launch. We know they will love the new itineraries as much as we do, and we look forward to welcoming them onboard.”

Virgin Voyages will offer anyone impacted by the new itineraries price- and promotion-protected options to rebook and receive $300 to $600 in onboard credit or a full refund. 

The company also is offering 30 percent off 2024 Mediterranean voyages and up to a $600 bar tab when booked by Sept. 28. A handful of select Caribbean sailings and repositioning voyages are also eligible for $500 off. 

Starting Sept. 11, 2023, the new itineraries will be available to view and book by clicking here. 

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