Condor Ferries has been sold to a consortium of Columbia Threadneedle Investments (CIT) and Brittany Ferries (BF), ending months of uncertainty and speculation.
The freight and passenger ferry operator, which runs lifeline services between Guernsey, Jersey, the United Kingdom and St. Malo, has been acquired from Macquarie Infrastructure and Real Assets. Contracts have been signed and the deal is expected to be executed following scrutiny by relevant regulatory authorities.
‘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,’ said Condor CEO Paul Luxon, who was delighted by the announcement.
‘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.’
Each year, Condor Ferries carries approximately one 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.
Its new majority shareholder, Columbia Threadneedle Investments, is leading global asset management group, while Brittany Ferries already owns a fleet that includes twelve ships connecting France, the United Kingdom, Ireland and Spain.
‘We are delighted to be part of the consortium that has agreed to acquire Condor Ferries,’ said Christophe Mathieu, CEO Brittany Ferries.
‘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. 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.’