Why Condor?

Friday 15 November 2019

The investment fund behind the acquisition of Condor has outlined its reasons for buying the Channel Islands-based ferry company.

It was announced yesterday that Condor's current shareholder, Macquarie Infrastructure and Real Assets, had reached an agreement to sell its 100% interest to a consortium of Columbia Threadneedle Investments and Brittany Ferries.

The Columbia Threadneedle European Sustainable Infrastructure Fund is a new open-ended fund, managed by global asset management group Columbia Threadneedle Investments, whose remit is to invest in European mid-market equity assets. 

It is managed by a team of four senior infrastructure specialists led by Heiko Schupp, Global Head of Infrastructure Investments, who have more than 70 years’ combined industry experience and have worked together in previous roles before joining Columbia Threadneedle Investments last year.

Mr Schupp said his team had identified Condor as an "income-producing" asset with strong local links. 

“We are delighted to have agreed the first investment for ESIF. Its evergreen structure suits long-term, income-producing infrastructure assets such as Condor Ferries," he said. "The company is an attractive first investment due to its market fundamentals, stable financial position and management team with extensive industry experience, knowledge and strong relationships within the Channel Islands.

Pictured: Columbia are working with Brittany Ferries on the acquisition of Condor Ferries. 

"The consortium combines the expertise of a leading global asset manager with the strong operational expertise of Brittany Ferries. We look forward to working with management, employees and the Channel Islands towards the long-term security and development of Condor’s ferry services.”

Columbia Threadneedle Investments CEO Nick Ring said Condor was a "clear sustainable business" proposition which met the fund's long-term objectives. 

“Heiko and his team draw on Columbia Threadneedle’s macro-economic and company research across multiple asset classes and geographies as well as working closely with our Responsible Investment team in targeting investments with clear sustainability business practices, and that manage risks around environmental and social impact,” he said. “Assessing potential investment opportunities for sustainability and financial performance and risks is something clients are particularly drawn to as part of their long-term investment objectives. I am encouraged by the interest we have received for our infrastructure strategy to date.”