Hurtigruten and HX finalise separation following buyouts
Ilaria Grasso MacolaTwo investment consortia have bought Hurtigruten Expeditions (HX) and Hurtigruten, accelerating the companies’ growth and innovation as well as finalising their separation from each other.
HX announced on Friday (29 November) it had obtained new funding worth €140 million (£116.5 million) as part of its sale to asset management firms Arini Capital Management and Cyrus Capital Partners.
Meanwhile, sister company Hurtigruten confirmed it had received €110 million (£91.5 million) in new long-term funding from an investment group – also including Arini Capital Management as well as AlbaCore Capital and Barings – on Thursday (28 November).
Both acquisitions are due to be completed by January and will finalise the companies’ separation, which began in September 2023 as a rebrand to drive growth across the two businesses.
HX said the investment means it will be able to expand its product offering and invest in its fleet while Hurtigruten said the cash injection will help with its acceleration in 2026.
It will also reduce the debt accrued by both Hurtigruten and the companies’ parent – Hurtigruten Group – by more than €1 billion (£832 million).
Gerbhard Rainer and Hedda Felin, the chief executives of respectively HX and Hurtigruten, will remain at the companies’ helm following the sale.
Rainer 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.”
While Hurtigruten’s Felin added: “This is an important milestone for Hurtigruten. The transaction allows us to continue to deliver our long-term goals, enable sustainable growth, and enhance our customer experience. We look forward to working alongside the new investor group.”
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