Its current shareholder, Macquarie Infrastructure and Real Assets, has struck a deal to sell its 100% interest to a consortium of Columbia Threadneedle Investments, the majority shareholder, and Brittany Ferries.
The deal is expected to be executed in a few months time following scrutiny by relevant regulatory authorities. Brittany Ferries will hold a minority stake.
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.
‘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.’
Brittany Ferries began operations in 1973. Today its fleet includes 12 ships connecting France, the United Kingdom, Ireland and Spain.
It operates from three ports in the UK – Portsmouth, Poole and Plymouth – and carries around 2.5 million passengers every year, as well as 210,000 freight units.
‘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,’ said Brittany Ferries CEO Christophe Mathieu.
‘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.’
MEIF2 acquired Condor Ferries in 2008.
It actively supported the company as it invested to upgrade and modernise its fleet, with Condor Rapide entering service in 2010 followed by Condor Liberation in 2015.
Leigh Harrison, head of MIRA EMEA, said: ‘Condor Ferries is an integral part of Channel Island life – underpinning the development of communities, economies, and tourism in the region.
‘We are proud to have been its custodian over the past 11years, supporting Condor Ferries as it has invested to modernise its fleet and enhance its customer offering.
‘We are delighted to have found new owners to oversee the next chapter of its history.’
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