14th November 2019
Brittany Ferries, in consortium with the Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF), has reached an agreement 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.
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 meters between Guernsey, Jersey, the United Kingdom, and the Port of St. Malo in France.
Brittany Ferries began operations in 1973. Today its fleet includes twelve ships connecting France, the United Kingdom, Ireland and Spain. It operates from three ports in the UK, Portsmouth, Poole and Plymouth and carries around 2.5 million passengers every 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 agreement is exciting news for us as it marks the first investment for the Columbia Threadneedle European Sustainable Infrastructure Fund. Its evergreen structure suits long-term, income-producing infrastructure assets such as Condor Ferries. We are delighted to have partnered with Brittany Ferries and look forward to working with management, employees and the Channel Islands towards the long-term security and development of Condor’s ferry services.”
“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 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.”
“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 Chairman of Brittany Ferries.
Brittany Ferries is a national leader in French maritime transport: an atypical leader, under private ownership, still owned by a Breton agricultural cooperative. Eighty five percent of the company’s passengers are British. Around 210,000 freight units are carried each year.
Columbia Threadneedle Investments is a leading global asset manager that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world.
Condor Ferries was founded in 1964 and initially operated a passenger service between France and the Channel Islands. In 1987, the first service linking the Channel Islands with the UK was launched and since then Condor Ferries has operated a year-round service connecting the UK through Poole, and Portsmouth, the Channel Islands through Guernsey and Jersey and to St Malo in France.
Condor Ferries operates the high-speed ferries, Condor Liberation and Condor Rapide. Each year, Condor Ferries carries just under one million passengers and 200,000 passenger vehicles.
Source: Brittany Ferries