HX to enter ‘growth phase’ following investment group takeover
HX has been acquired by a consortium of investors to facilitate the final stage in the separation of the expedition brand from its sister company Hurtigruten
The buyout will include €140m of new funding from the consortium, which is led by Arini Capital Management and Cyrus Capital Partners, to support new growth opportunities.
HX said the acquisition will provide it with the resources and support to expand its offerings and continue its fleet investment programme.
Chief executive officer Gebhard Rainer, previously with luxury travel brands Sandals, as CEO, and Hyatt, as CFO, will retain his position and lead the brand from its new headquarters in London.
He 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, CFO at HX, added: “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.”
Over the past half-decade, the expedition cruise market has experienced substantial growth, which is expected to continue driven by an increasing interest from consumers in travel experiences which have a focus on science, adventure, and sustainability.
Acquisition the start of ‘exciting new growth phase’ for HX
The acquisition does not have any practical implications for HX’s customer offering, business partners or daily operations.
Torben Geisler, who led the Arini investment, said: “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.”
