Consortium pledges ‘new growth phase’ with HX takeover

Transaction to complete in January 2025

HX (Hurtigruten Expeditions) will gain €140 million to “support growth opportunities” after being taken over by a consortium of investors. 

The acquisition will facilitate the final stage in the separation of HX from its sister company Hurtigruten – both previously part of the Hurtigruten Group.

The transaction is expected to close in January 2025.

The investment by the consortium, which is led by Arini Capital Management and Cyrus Capital Partners, marks yet another “exciting phase” for HX, according to a statement. 

“The company will have the resources and strategic support to expand its offerings and provide guests with adventures to iconic destinations ranging from northern and southern Polar expeditions to trips to the Galapagos Islands,” it said. 

“The acquisition also allows the company to continue its investment into a fleet of industry-leading ships, whilst delivering the very best expedition cruises for its customers.”

The company will continue to be led by chief executive Gebhard Rainer, previously with Sandals and Hyatt, from new headquarters in London.

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.”

Chief financial officer James McArthur 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. 

“HX has an exciting future ahead, and I look forward to seeing what this fantastic business can achieve over the next few years.”

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.”

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