Appleby acted as special Bermuda counsel to Virgin Cruises Intermediate Limited and represented various Virgin Voyages affiliated companies in Bermuda (VV Group), in respect of a $550 million capital raise.
The funding round was led by funds managed by the Private Equity Group of Ares Management (Ares), a global alternative investment manager, and also included additional capital from existing investors including Virgin Group and Bain Capital.
Appleby advised on corporate law and regulatory elements of the transaction.
Partner Sally Penrose led the transaction with support from Partner Tammy Richardson-Augustus; Senior Associates James Batten, Katie Blundy; and Associate Carl Meyer.
VV officially launched in August 2021 and currently operates three ships, servicing the Caribbean, the Mediterranean, and by the end of the year, Australia and New Zealand. The brand is already making waves, including being named No. 1 in the mega-ship category in the 2023 Travel + Leisure's World's Best Awards and a recent clean-sweep of the five cruise categories in the 2023 Cruise Critic Cruisers' Choice Awards.