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Virgin Group, the Branson family- owned
branded investment group, today announced the formation of Virgin Cruises, its
new cruise line business, as well as the appointment of a CEO and its lead
investment partner, Bain Capital. Financial terms of the transaction are not
being disclosed.
Proven industry leader Tom McAlpin will join Virgin Cruises as CEO and will head
the management team. Most recently, Tom has been President and CEO of The World,
Residences at Sea. Tom also served as President of Disney Cruise Line having
joined as part of the founding management team.
Virgin Cruises will be headquartered in the Miami/Fort Lauderdale area and plans
to design and construct two new world class cruise ships.
At this time, the company has not disclosed when it will start operating for
competitive reasons. As part of one of the world’s most recognized and respected
brands, Virgin Cruises will offer guests an outstanding experience and service
aimed at broadening consumer targets for the cruise market.
Virgin Group Founder Sir Richard Branson said, “We plan to shake up the cruise
industry and deliver a holiday that customers will absolutely love. They’ll be
sailing on the latest ships offering great quality, a real sense of fun, and
many exciting activities all delivered with the famed Virgin service.”
Stephen Pagliuca, a Managing Director with Bain Capital, said, “From our
earliest conversations with the Virgin team, we recognized there is a unique
opportunity here to help build the next great cruise line serving travelers from
around the world. We know that thanks to the strategic vision laid out by our
collective team – and now under the guidance of Tom McAlpin – Virgin Cruises
will help reshape consumers’ expectations of what a cruise experience can be.
All of us at Bain Capital are thrilled to partner with the Virgin team on this
compelling opportunity.”
Tom McAlpin said, “Cruise guests deserve something better and different to what
is being offered today, and Virgin Cruises is committed to creating breathtaking
experiences for them and a new generation of guests. Opportunities like this do
not come often, so I am very excited to lead this business and introduce the
Virgin brand to the cruise industry, as it has always put customers at the heart
of what it does.”
Virgin Group has partnered with one of the world’s leading private investment
firms, Bain Capital, to work on this new venture. The partnership is committed
to exploring the creation of a global cruise business and setting new industry
standards.
Ryan Cotton, a Principal with Bain Capital, said, "We are pleased to pursue this
exciting opportunity with Virgin, one of the world’s most respected and iconic
brands. With a small number of global players, an experience in need of
refreshing, and consumers ready for something new and exciting, the industry
exhibits all the characteristics of one that is ripe for a new entrant. Drawing
on our long history of growing and building great companies, we are confident
that together with Virgin and the management team we will build Virgin Cruises
into a new favorite for leisure travelers.”
Evan Lovell, Partner at Virgin Management Limited said, “Virgin Cruises
complements our extensive travel and leisure experience, which includes our
award winning global airlines, passenger train service, and new hotel brand
which will open its first property in Chicago next month. We are thrilled that
Bain Capital is joining us on this journey.” |
