HX Expeditions completes acquisition with new investment

Hurtigruten Expeditions Holdings Ltd ("HX") has finalized its acquisition by a consortium of investors, completing its separation from Hurtigruten Group AS ("HRN"). 

The transaction includes approximately EUR 140 million in new junior funding to support HX's future growth and expansion into new destinations.

The investment group, led by Arini Capital Management, Cyrus Capital Partners and Tresidor Investment Management, provides financial backing for HX's ongoing development.

 The company will continue its operations with Chief Executive Officer Gebhard Rainer at its headquarters in London.

“Today’s announcement is an important day in HX’s history as we continue our journey as a standalone company with the resources and strategic support to deliver on our next phase of growth and innovation, which will benefit our employees, guests, and strategic partners," said Gebhard Rainer, CEO of HX.

"We look forward to exploring new growth opportunities around the globe and enhancing our industry-leading customer offering and creating the very best in mindful travel experiences.”

HX reports an increase in bookings, with 2025 reservations 14% higher year-over-year and 2026 bookings growing over 25% year-over-year on a constant fleet basis. 

Planned investments in fleet upgrades include material enhancements to MS Fram and MS Spitsbergen, set to take place in Q2 2025, with improvements to cabins, suites, science centers, and restaurant areas.

James McArthur, chief financial officer at HX, who has overseen the investment process for both HX and HRN, said, “I am delighted that HX has emerged as a reinvigorated, standalone, and well-capitalized business. I’d like to thank our new ownership group for their support and commitment to our plan thus far. I would also like to acknowledge the ongoing hard work of our dedicated HX teams around the globe, who are focused on providing the very best for our guests.”

HX confirmed that the acquisition will not affect customer bookings, employment terms, business partnerships, or daily operations.

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