French shipping company Brittany Ferries and Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF) have finalized the acquisition of Condor Ferries, an operator of lifeline freight and passenger ferry services between the UK and France.
The deal, announced last year, had been subject to competition authorities’ review. Following their green light at the end of January, and work to complete the transition in February, the sale has now been completed.
Brittany Ferries is the minority shareholder in the company. Last November, ESIF and Brittany Ferries reached an agreement with Macquarie Infrastructure and Real Assets (MIRA) for the acquisition of 100 percent of Condor Ferries.
“This is excellent news for Brittany Ferries, our new partners and for Condor Ferries,” Christophe Mathieu, CEO Brittany Ferries, commented.
“We are committed to working closely in the months and years to come… This will be business as usual for Condor, but within a new ownership structure.”
“We are delighted that the transfer of ownership of Condor Ferries to ESIF and our consortium partner Brittany Ferries is complete. Condor Ferries marks the first investment of ESIF,” Heiko Schupp, Global Head of Infrastructure Investments at Columbia Threadneedle Investments,
said in a separate statement.
ESIF is a new open-ended fund that invests in European mid-market equity assets, managed by global asset management group Columbia Threadneedle Investments.
“The fund’s evergreen structure suits long-term, income-producing infrastructure assets such as Condor Ferries… The management team has extensive industry experience and strong relationships within the Channel Islands, and we look forward to working with them and the local stakeholders on maintaining and developing the company’s crucial ferry services between the Channel Islands, the UK and France.”
Founded in 1964, Condor Ferries carries approximately 1 million passengers, 200,000 passenger vehicles, and over 900,000 freight lane meters between Guernsey, Jersey, the United Kingdom, and the Port of St Malo in France.
Source: World Maritime News website