Brittany Ferries to take over Condor

2019-11-15T21:43:58+00:00 November 15th, 2019|Finance|

Brittany Ferries, in a consortium with Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF), is to acquire 100% of Condor Ferries from Macquarie Infrastructure and Real Assets (MIRA).

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.

Each year, Condor Ferries carries around 1 mill pax, 200,000 passenger vehicles, and over 900,000 freight lane meters between Guernsey, Jersey, the UK, and St Malo in France.

Brittany Ferries began operations in 1973 and today its fleet includes 12 ships connecting France, the UK, Ireland and Spain. It operates from three ports in the UK, Portsmouth, Poole and Plymouth and carries around 2.5 mill pax each 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.

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,” he said.

“We are delighted to be part of the consortium that has agreed to acquire Condor Ferries,” added Christophe Mathieu, CEO Brittany 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,” he 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,” concluded Jean-Marc Roué, Brittany Ferries Chairman.