Condor Ferries has been sold to a consortium including Brittany Ferries and asset management firm Columbia Threadneedle Investments.
The ferry firm has confirmed a deal has been reached between current owners Macquarie Infrastructure and Real Assets (MIRA) and the new partnership. Columbia Threadneedle Investments will own a majority stake in Condor, with Brittany Ferries taking a smaller share.
Condor Ferries CEO, Paul Luxon, says the company is delighted to confirm its new owners - putting an end to months of speculation:
‘WE are delighted with today’s announcement confirming an agreement has been reached by our current shareholder, Macquarie Infrastructure and Real Assets (MIRA), to sell its 100% interest in Condor Ferries to a consortium of Columbia Threadneedle Investments (CTI), the majority shareholder, and Brittany Ferries (BF).
The new shareholders wholeheartedly share our vision and strategy for maintaining and developing essential Channel Islands’ lifeline ferry services across the freight supply chain, Islander travel and tourism sectors.
Having met with senior executives of CTI and BF on several occasions, the company welcomes such experience and expertise from the new shareholders, and having introduced them to key stakeholders including politicians and senior civil servants, discussions on fleet replacement and future investment will continue.
Condor Ferries’ management and staff will continue to deliver the five year business plan that is underway and focus on providing efficient and effective sea connectivity to support the Channel Islands’ economies.’
Condor Ferries is an operator of lifeline freight and passenger ferry services. Each year, Condor Ferries carries approximately 1 million passengers, 200,000 passenger vehicles, and over 900,000 freight lane metres between Guernsey, Jersey, the United Kingdom, and the Port of St. Malo in France.
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 eleven years, 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.”
Paul Luxon, CEO of Condor Ferries, said: “I would like to put on record our thanks to Macquarie for the support and guidance they have provided over the past eleven years. We have appreciated their active and engaged approach, and we are pleased that they have found new shareholders who share the commitment they showed to maintaining and developing lifeline services for the Channel Islands.”
MEIF2 acquired Condor Ferries in 2008. Under MIRA’s management, the business has remained focused on the development of its offering to freight and passenger customers. MIRA also actively supported Condor Ferries as it invested to upgrade and modernise its fleet, with Condor Rapide entering service in 2010 followed by the Condor Liberation in 2015.
Macquarie has had a presence in the UK for 30 years, opening its London headquarters in 1989. Today, Macquarie is one of the largest investors in the UK, having invested and arranged more than £40 billion in infrastructure projects since 2005.