Portsmouth cross-channel operator Condor Ferries acquired by new fund and Brittany Ferries
CONDOR Ferries has been acquired by Columbia Threadneedle European Sustainable Infrastructure Fund.
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.
Brittany Ferries began operations in 1973 and 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 2.5m passengers every year, as well as 210,000 freight units.
Both firms operate out of Portsmouth port.
The deal was in consortium with the Columbia Threadneedle European Sustainable Infrastructure Fund, a new open-ended, evergreen fund that invests in European mid-market equity assets.
Contracts have been signed and the deal is expected to be executed following scrutiny by relevant regulatory authorities. Brittany Ferries will hold a minority stake.
Christophe Mathieu, CEO 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 co-operation between the two companies will create opportunities for sharing expertise and best practice.
‘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.’