HX secures major investment as investors acquire the company

HX (Hurtigruten Expeditions) has been acquired by a consortium of investors led by Arini Capital Management and Cyrus Capital Partners, marking the final stage of its separation from sister company Hurtigruten.

The deal includes €140m of new junior funding to support new growth opportunities. The company's existing debt was also extended, with no debt maturities until 2030.

The acquisition will not impact the customer experience,  business partners or daily operations, the company said.

HX will continue to be led by CEO Gebhard Rainer, who joined this year after serving as CEO of Sandals.

'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,' Rainer said in a statement.

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.”

Don't miss a single travel story: subscribe to PAX today!  Click here to follow PAX on Facebook.