HOME WHAT WE DO WHO WE ARE OUR PORTFOLIO RESPONSIBLE INVESTING CONTACT INVESTOR PORTAL HURTIGRUTEN Repositioning and Investing behind market-leading brands Hurtigruten is a Norwegian national treasure. It has been connecting towns along the Norwegian coast since 1893 and today is a leading global brand in explorer travel. 14 Ships in operation >350,000 Customers annually Description Hurtigruten is one of Norway’s leading transport and tourism companies, offering authentic, year-round travel experiences along the Norwegian coast and in remote locations across the world on its 14-strong fleet of ships. Originally established by the government as a means of linking the south of the country to the inaccessible parts of the north, the earliest ships transported cargo and local passengers between ports. Today, Hurtigruten offers cruises to an international customer base along the Norwegian Coast as well as expedition cruises in the Arctic and Antarctic and trips with Spitsbergen Travel, the largest tour operator on the island of Spitsbergen. Transaction We had been actively reviewing opportunities in the Scandinavian leisure space for many years and, as part of this initiative, began following Hurtigruten in 2011. We spent a significant amount of time building our understanding of the business and the wider market, as well as fostering relationships with the management team. Our discussions over time culminated in us, alongside our partners Periscopus AS and Home Capital AS, taking the business private in December 2014. What we've done We were attracted to the investment in Hurtigruten by the transformation potential, capital expenditure opportunities and potential for significant expansion of the Explorer business. We have worked with management to implement a number of operational and commercial initiatives, which have resulted in substantial growth. We also undertook a considerable capital expenditure programme, refurbishing six Norwegian Coast ships thereby enhancing Hurtigruten’s product offering and customer experience onboard. In addition, the Explorer business has been transformed through new ship allocation to its routes, global marketing outreach and new product development, with sailings in the Artic and the Antarctic. The capacity of the Explorer segment has expanded from one to five ships, including the purchase of two new state-of-the-art hybrid ships, positioning the business strongly to take advantage of the significant growth in the global demand for adventure travel. Key facts Sector: Leisure Status: Partially Realised Date of initial investment: December 2014 Website: www.hurtigruten.com Deal type: Public-to-private Contact email: hurtigruten@tdrcapital.com Back to Our portfolio View previous case study View next case study Quick links Home What we do Who we are Our portfolio Contact us Investor relations Recruitment Media Responsible investing Terms & Conditions Privacy policy Disclosure & transparency Modern Slavery Act 2015 Contact 20 Bentinck Street, London W1U 2EU tel: +44 20 7399 4200 email: info@tdrcapital.com Directions Bentinck Street is located in Marylebone near to Bond Street and Oxford Circus tube stations, and is accessible via the Central, Jubilee, Bakerloo and Victoria lines. © TDR Capital LLP 2021