HX’S consortium of new investors has completed its acquisition of the cruise line, with a significant new tranche of 140 million (A$232m) of funding.
The new capital will help deliver HX’s global growth strategy, and marks the final stage of the separation of the expedition line from Hurtigruten Group (CW 29 Nov 2024).
The investment by the Consortium – led by Arini Capital Management, Cyprus Capital Partners and Tresidor Investment Management – will support the development of HX, allowing it to invest in its fleet.
This will include upgrades to both Fram and Spitsbergen, to the ships’ cabins, suites, science centres, and restaurant areas, in the second quarter of the year.
“Today’s announcement is an important day in HX’s history as we continue our journey as a stand-alone 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,” Chief Executive Gebhard Rainer said.
“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,” he added.
Chief Financial Officer James McArthur led the investment process, saying HX has emerged as a “reinvigorated, stand-alone and well-capitalised business”.
“I’d like to thank our new ownership group for their support and commitment to our plan thus far,” he said.
“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’s growth continues to accelerate this year, following the company’s strategic changes, with 2025 bookings 14% higher year-over-year, and 2026 bookings growing over 25% year-over-year on a constant fleet basis.
The cruise line and its former sister Hurtigruten formally split in Australia late last year with the announcement of their new respective APAC leadership structures (CW 05 Dec 2024).
HX’s Australian leadership team is now being guided by the United States-based Steve Smotrys, expanding from his current role overseeing the Americas market.
He is aided by Australia-based Director of Sales Amber Wilson, and a soon-to-be-announced Senior Marketing Manager.
Damian Perry, who led the formerly combined company, is now guiding a dedicated Hurtigruten Norway APAC team, mirroring the structure across the rest of the world.
Supporting Perry is Hurtigruten’s newly promoted Head of Marketing Marisa Jones. MS
