Brittany Ferries has bought Channel Islands-based Condor Ferries after forming a consortium with a major investment fund.
The Plymouth-based, French-owned, freight and passenger company, which runs services between the Devon city and the Continent, linked up with the Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF) to snaffle the smaller Condor Ferries for an undisclosed sum.
The consortium has reached an agreement to acquire 100% of Condor Ferries from Australian company Macquarie Infrastructure and Real Assets (MIRA). Macquarie bought Condor Ferries in 2008 for an undisclosed sum, thought to be about £260million.
Contracts have been signed and the deal is expected to be executed following scrutiny by relevant regulatory authorities. Brittany Ferries, whih had run services to the Channel Islands in the past, will hold a minority stake.
Condor Ferries operates lifeline freight and passenger ferry services, each year carrying about one million passengers, 200,000 passenger vehicles, and more than 900,000 freight lane meters between Guernsey, Jersey, the 海角视频, and the Port of St Malo, in France.
Brittany Ferries began operations in 1973. Today its fleet includes 12 ships connecting France, the United Kingdom, Ireland and Spain.
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It operates from three ports in the 海角视频: Plymouth, Portsmouth, and Poole. It carries about 2.5million passengers every year, as well as 210,000 freight units.
ESIF is a new open-ended, evergreen fund that invests in European mid-market equity assets, managed by leading global asset management group Columbia Threadneedle Investments.
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Heiko Schupp, global head of infrastructure investments at Columbia Threadneedle Investments, said: “This acquisition is exciting news for us as it marks the first investment for the Columbia Threadneedle European Sustainable Infrastructure Fund.
“We believe the fund’s evergreen structure and flexible approach to capital investments is best-suited for investing into long-term and stable infrastructure assets such as Condor Ferries.
What is an evergreen fund?
Evergreen funds are open-ended with no termination date. They allow investors liquidity rights to exit their investment and for the fund manager to raise more capital. They are allowed to recycle capital from realised returns, hence the term "evergreen."
“We are delighted to have partnered with Brittany Ferries on the acquisition and look forward to working with management, employees and the Channel Islands towards the long-term security and development of Condor’s ferry services.”
Christophe Mathieu, chief executive of Brittany Ferries, said: “We are delighted to be part of the consortium that has agreed to acquire Condor Ferries.
“Brittany Ferries and Condor enjoy a long history in commercial operations and a closer cooperation between the two companies will create opportunities for sharing expertise and best practice.
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“We believe this is a positive step and look forward to playing our part in supporting the economies and communities of the Channel Islands into the long term.”
Jean-Marc Roué, chairman of Brittany Ferries, said: “I am proud and honoured that we have concluded a partnership with the Columbia Threadneedle European Sustainable Infrastructure Fund.
“It allows us to reconnect with a route to the Channel Islands that Brittany Ferries operated in the past.”