TPG Capital and Canada Pension Plan Investment Board each have agreed to invest $250 million for a combined 17 percent stake in MISA Investments Ltd., the Bermuda-based parent company of Viking Cruises.
TPG Capital, the private equity platform of Fort Worth and San Francisco-based global alternative investment firm TPG, and CPPIB, a professional investment management organization that manages the funds of the Canada Pension Plan, will each invest $250 million to support and accelerate Viking Cruises’ growth initiatives and strengthen the company’s balance sheet.
Founded in 1997 by CEO Torstein Hagen, Viking Cruises is a leading provider of worldwide river and ocean cruises, operating more than 61 cruise vessels based in 44 countries. Viewers of PBS programs are familiar with the company for its sponsorship of popular public broadcasting programs such as Downton Abbey. Serving travellers across North America, the U.K., Australia and, starting this year, China, Viking Cruises creates culturally immersive, destination-centric experiences for its customers.
“Having been a long-time investor in the cruise industry, we see Viking as a market innovator that has reimagined how people explore the world, with an iconic brand and strong product offering that has significant growth potential,” said Paul Hackwell, principal at TPG. “Together with CPPIB, as the company’s first institutional equity investors, we look forward to partnering with Tor and the Viking management team to expand the business, both in products offered and regions served.”
Credit Suisse served as placement agent for the investment.