Sold! Brittany Ferries now rules the waves

Monday 09 March 2020

Condor has now officially been sold... and a consortium including Brittany Ferries rules the waves as part of a deal estimated to be around £300m.

The purchase of the Channel Islands' key ferry provider from its Australia-based former shareholder Macquarie Infrastructure and Real Assets was finally approved by competition authorities and EU officials last week.

The sale was first announced last November, with Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF) the other key party involved in the consortium.

“This is excellent news for Brittany Ferries, our new partners and for Condor Ferries,” Christophe Mathieu, CEO of minority shareholder Brittany Ferries, said.

Pictured: Brittany Ferries is the minority shareholder in the consortium.

“We are committed to working closely in the months and years to come to ensure the best level of service to customers and support to our friends and colleagues in the Channel Islands. This will be business as usual for Condor, but within a new ownership structure.”

Heiko Schupp, Global Head of Infrastructure Investments at Columbia Threadneedle Investments, added: “Condor Ferries marks the first investment of ESIF and I am encouraged by the client interest we have received in the strategy to date."

He continued: "The fund’s evergreen structure suits long-term, income-producing infrastructure assets such as Condor Ferries, with its attractive market fundamentals and stable financial position. The management team has extensive industry experience and strong relationships within the Channel Islands, and we look forward to working with them and the local stakeholders on maintaining and developing the company’s crucial ferry services between the Channel Islands, the UK and France.”

Condor's CEO, Paul Luxon said everyone involved is "delighted" that the sale has been signed off.

Pictured: Condor CEO Paul Luxon welcomed the sale.

He commented: "As a company, Condor’s immediate focus is to continue preparing for the season. We fully recognise we play a vital role in supporting the visitor economies of Jersey and Guernsey alongside our commitment, for over 70 years, to providing essential freight services and travel options for Islanders.

"The new shareholders share our vision for maintaining and developing ferry services and we will be working with them, along with local stakeholders, on long term plans that include fleet replacement and investment."

Condor Ferries carries around one million passengers, 200,000 vehicles and 900,000 freight lane metres between Jersey, Guernsey, the UK and Saint Malo each year.