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Fort Worth, San Francisco private equity firm makes investment in Viking Cruises to expand testing facilities

🕐 3 min read

A private equity firm based in Fort Worth and San Francisco have made an investment in Viking Holdings Ltd., the parent company of Viking Cruises.

Viking Cruises announced on Nov. 9 it received an additional investment by its existing minority shareholders, TPG Capital, which is based in Fort Worth and San Francisco and Canada Pension Plan Investment Board (CPP Investments).

The additional investment by TPG Capital, the private equity platform of alternative asset firm TPG, and CPP Investments, a professional investment management organization that manages the funds of the Canada Pension Plan, will result in approximately $500 million of net proceeds being available to support Viking Cruises in its continued development.

“We are very appreciative that our shareholders from the prestigious institutions of TPG and CPP Investments are aligned with our vision for Viking’s future, which is bright. Over 40 years in the cruise industry have taught me that challenging times—such as these—are often also times of great innovation and opportunity. This infusion of equity capital will prepare us for future opportunities to continue developing our business,” said Torstein Hagen, Chairman of Viking. “Earlier this week we announced that Viking will further invest in the installation of full-scale PCR laboratories on each of our ocean vessels. These new onboard facilities—a cruise industry first—will provide unprecedented and robust testing capacity, enabling Viking to conduct up to daily PCR testing of all crew members and guests. This was the first in a series of announcements we have planned in the coming weeks, including our enhanced health and safety program and initiatives that will expand Viking’s global reach.”

Viking announced the PCR capability earlier this month which allows for PCR testing of all crew members and guests with a non-invasive saliva test. The laboratory has enough capacity for daily testing of every crew member and guest, which provides flexibility to respond to COVID-19 prevalence levels around the world.

This first laboratory has been installed on Viking Star, the company’s 930-guest ocean vessel; it will undergo a series of extensive tests to ensure the procedures and protocols that have been designed are fully effective.

“We are excited to deepen our partnership with Tor and the entire Viking team,” said Paul Hackwell, Partner at TPG Capital and Co-Head of Consumer investing. “Viking is truly a special company that continues to set the standard for the industry. We know that Viking’s guests are eager to get back to safely exploring the world in comfort, and are confident that the company will continue to deliver a differentiated experience for its guests in the years to come.”

“While the pandemic has posed many challenges, we have strong conviction that Viking’s unique global offering in the cruise industry will continue to be sought out by many guests well into the future. CPP Investments, alongside TPG, is looking forward to supporting Viking and its management team as they return to delivering high-quality, comfortable journeys around the world and build long-term value in the business in the time to come,” said Bill MacKenzie, Managing Director and Head of Active Fundamental Equities, CPP Investments.

The transaction is subject to customary closing conditions, including regulatory approvals.

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