Bain Capital News

Virgin Voyages, the cruise brand from Richard Branson's Virgin Group, said on Friday it has raised $550 million in fresh capital to expand into new international markets.The funding was led by Ares Management with participation from existing investors, including British conglomerate Virgin Group and venture capital firm Bain Capital.Launched at the end of 2021, Virgin Voyages operates three ships servicing the Caribbean and the Mediterranean. It plans to operate in Australia and…

German shipping company Hapag-Lloyd announced it has signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a Bain Capital Private Equity affiliate.Additionally, Hapag-Lloyd AG signed a binding agreement with JMBPL and its promoters, the Kotak family, to subscribe to a capital increase by the company and raise Hapag-Lloyd’s shareholding to 40%. The contracting parties agreed to not disclose any financial details of the deal.J M Baxi Ports & Logistics Limited is a private terminal and inland transport service provider in India.

Cruise line Virgin Voyages has assigned Wärtsilä the responsibility of the maintenance of its three brand new cruise ships due to enter service in 2020, 2021 and 2022.The comprehensive 10-year Optimized Maintenance Agreement, signed on April 30, 2018, gives extensive responsibility of maintenance to Wärtsilä, who will ensure that vessels are powered and operated reliably, efficiently and sustainably.Wärtsilä’s Dynamic Maintenance Planning allows maintenance operations to be carried out based on remotely monitored and analyzed real-time performance data.

Elizabeth Jackson has joined KVH Industries, Inc. as chief marketing officer and senior vice president for strategy.   Jackson has worked at a variety of companies including Proctor & Gamble, Campbell Soup Company, Summer Infant, and HookLogic, a Bain Capital Ventures portfolio company in ad tech performance marketing. Most recently, Jackson was CMO at DOTS Technology Corp, an NEA portfolio company in health tech.   Jackson has a B.A. from Princeton University and an MBA from INSEAD in France.

Philip M. Bilden has been elected to Huntington Ingalls Industries’ (HII) board of directors, effective November 7. Bilden retired last year as a co-founding member of the private equity firm HarbourVest Partners. He began his career in Boston in 1991 and relocated to Hong Kong in 1996 to establish the firm’s Asian subsidiary. Throughout his 25-year tenure at HarbourVest Partners, Bilden served in senior leadership roles in the firm’s global management, including the firm’s six-person executive committee responsible for governance.

Virgin Cruises will launch its first luxury liner in 2020 from Miami, British tycoon Richard Branson announced, placing his bets on medium-sized "boutique" ships. The Virgin Group founder said he had signed a binding letter of intent with Italy's Fincantieri to build three 110,000-ton ships, to debut in 2020, 2021 and 2022. Each ship would carry 2,860 passengers, based on double occupancy, and 1,150 crewmembers. With characteristic flair, Virgin Group founder Richard Branson, sporting a skipper's hat, arrived in downtown Miami's Museum Park via helicopter and a cloud of Virgin-red smoke. Branson announced formation of the cruise line in December 2014. Bain Capital is the financing partner.

Bavaria Yachtbau GmbH announced that Anchorage Advisors, L.L.C. and Oaktree Capital Management ), who collectively control approximately 95 percent of Bavaria's $1,403m debt facilities, have signed a binding agreement to restructure the company's balance sheet. The restructuring will create an industry leading balance sheet through a capital injection of $80.4m in cash and the write-down of over 90 percent of the senior and junior debt tranches. Anchorage and Oaktree have been working collaboratively with Bain Capital. Both Anchorage and Oaktree have been lenders to Bavaria for over a year, and support the strategic plan developed by the management team and Bain.