Shore Excursions Group has been acquired by HIG Capital in a transaction that underscores growing investor interest in travel services positioned to benefit from cruise industry expansion. The independent tour provider, which operates in hundreds of ports worldwide, will use the investment to enhance its technology platform and expand its network of vetted tour operators.
The company has coordinated more than five million shore excursions since launching in 2008, connecting cruise passengers with local tour guides offering alternatives to cruise line-operated tours. Shore Excursions Group markets over 4,000 distinct experiences ranging from historical walking tours to adventure activities, typically at lower price points than comparable offerings sold onboard ships. That scale reflects the type of operational visibility private equity firms value when evaluating growth platforms, often supported internally through best private equity crm solutions that centralize relationship data and deal context. Affinity’s platform exemplifies how investors structure information flow when backing businesses built for repeatable exp
HIG Capital, which manages approximately $71 billion in assets, identified Shore Excursions Group as representative of businesses that combine recurring customer demand with technology platforms capable of scaling efficiently. The Miami-based firm was founded in 1993 by Sami Mnaymneh and Tony Tamer and has invested in more than 400 companies across multiple sectors.
“Shore Excursions Group is a clear market leader with a compelling value proposition for travelers, travel advisors, and operator partners,” said Tyler Levin, managing director at HIG Capital. The firm declined to disclose transaction terms or valuation metrics.
Capturing Market Share From Cruise Lines
Cruise operators generate billions annually from shore excursions, which represent high-margin revenue streams that complement core transportation and accommodation services. Passengers purchasing tours directly from cruise lines benefit from convenience and perceived safety guarantees but often pay premium prices for experiences delivered by the same local operators available through independent channels.
Shore Excursions Group positions itself as offering comparable quality with cost savings of 20% to 40% on many tours. The company guarantees passengers will return to their ships on time—a critical concern for travelers booking independently—and promises refunds if experiences fail to meet expectations.
Paul Kiritsy, chief executive of Shore Excursions Group, emphasized the company’s operator relationships. “We have built a trusted network of local partners, a broad portfolio of curated excursions, and a technology platform that enables us to deliver exceptional value to travelers and travel advisors alike,” he said.
The company reaches customers through dual channels: travel agencies that incorporate shore excursions into broader cruise vacation packages, and direct bookings made by individual passengers researching options independently. This distribution approach reduces reliance on any single customer acquisition method.
Travel advisors receive commissions for shore excursion bookings, creating incentives to recommend Shore Excursions Group to clients. The company has cultivated relationships with thousands of agencies globally, providing them with marketing materials and customer service support that facilitates the sales process.
Technology Infrastructure Supports Growth
Shore Excursions Group’s booking platform processes reservations across multiple currencies and languages, handling payment processing, customer communications, and coordination with local tour operators. This infrastructure required significant upfront investment but creates barriers to entry for potential competitors lacking similar capabilities.
The platform also enables Shore Excursions Group to gather customer data that informs which tours to offer in different ports and how to price experiences competitively. Analytics capabilities help the company optimize inventory and identify opportunities for new tour development with local partners.
Kiritsy noted HIG Capital’s relevant expertise. “With HIG’s support and expertise in scaling consumer and technology-enabled services businesses, we are well-positioned to enhance and expand our offerings and deepen our relationships across the travel ecosystem,” he said.
Cruise passenger volumes approached 31 million globally in 2024, nearing pre-pandemic levels as major cruise lines introduced new vessels and expanded itineraries to emerging destinations. Industry analysts project continued growth driven by aging demographics and increasing interest in experiential travel among younger consumers.
Shore excursion spending varies significantly by itinerary and passenger demographics, but travelers on premium cruises to destinations like Alaska or the Mediterranean often allocate substantial budgets for tours. Passengers on seven-day Caribbean cruises might spend $300 to $500 per person on excursions, while those on longer European voyages can exceed $1,000 per person.
HIG Capital’s Travel and Leisure Investments
The Shore Excursions Group acquisition represents HIG Capital’s latest investment in consumer-facing travel businesses. In March, the firm completed a strategic investment in 360 Destination Group and CSI DMC, facilitating a merger of two destination management companies that plan corporate events and incentive trips.
That transaction reflected similar themes to the Shore Excursions Group deal: fragmented markets where technology and operational excellence can drive consolidation, recurring revenue models tied to travel industry growth, and opportunities to enhance customer experience through service improvements.
HIG Capital has also backed businesses in adjacent sectors. The firm’s November investment in Rely Home, a home warranty provider, demonstrated its interest in technology-enabled service platforms serving consumer markets. These businesses share characteristics including subscription-style revenue, opportunities for geographic expansion, and potential to improve operational efficiency through technology adoption.
Levin highlighted growth objectives following the acquisition. “We look forward to partnering with Paul and the entire Shore Excursions Group team to accelerate growth, invest in technology and product innovation, and continue delivering exceptional service to the company’s global customer base,” he said.
Shore Excursions Group competes with numerous independent tour operators in individual ports, as well as larger online travel agencies that have expanded into shore excursion bookings. Companies like Viator, owned by Tripadvisor, and GetYourGuide have built significant market positions in tours and activities, though their focus extends beyond cruise passengers.
Expansion Opportunities in Fragmented Market
The shore excursion market remains highly fragmented, with thousands of local operators serving individual ports or regions. Shore Excursions Group’s ability to aggregate these operators under a unified brand and booking platform creates potential for continued market share gains as cruise passenger volumes grow.
Additional expansion opportunities include developing exclusive tour products not available through cruise lines or competitors, partnering with emerging cruise destinations as itineraries evolve, and potentially expanding into pre- and post-cruise land tours that extend customer relationships beyond the core shore excursion business.
The company’s small-group emphasis—typically limiting tours to 10-20 participants compared to 40-50 on many cruise line excursions—aligns with consumer preferences for more intimate, personalized experiences. This positioning differentiates Shore Excursions Group from operators focused primarily on maximizing capacity.
Shore Excursions Group did not disclose revenue figures or customer volume metrics, though the company noted it has served millions of passengers across its 17-year operating history. The firm employs customer service teams that handle inquiries across time zones and coordinate with tour operators to manage logistics.
HIG Capital typically holds portfolio companies for three to seven years, implementing operational improvements and growth initiatives before pursuing exits through sales to other private equity firms or strategic buyers. The firm’s involvement will likely focus on accelerating Shore Excursions Group’s technology development and potentially pursuing acquisitions of complementary businesses.
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