Columbia Threadneedle Investments and Brittany Ferries reach agreement to acquire Condor Ferries from Macquarie Infrastructure and Real Assets
14th November 2019
Brittany Ferries, in consortium with the Columbia Threadneedle European Sustainable Infrastructure Fund (ESIF), has reached an agreement to acquire 100 percent 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.
Nigel Wonnacott, Brittany Ferries head of communications
02392 892 256 or 07833 446 729
About Brittany Ferries
In 1967 a farmer from Finistère in Brittany, Alexis Gourvennec, succeeded in bringing together a variety of organisations from the region to embark on an ambitious project: the aim was to open up the region, to improve its infrastructure and to enrich its people by turning to traditional partners such as Ireland and the UK.
In 1972 BAI (Brittany-England-Ireland) was born. The first cross-Channel link was inaugurated in January 1973, when a converted Israeli tank-carrier called Kerisnel left the port of Roscoff for Plymouth carrying trucks loaded with Breton vegetables such as cauliflowers and artichokes.
The story therefore begins on 2 January 1973, 24 hours after Great Britain’s entry into the Common Market (EEC). From these humble beginnings however Brittany Ferries as the company was re-named quickly opened up to passenger transport, then became a tour operator.
Today, Brittany Ferries has established itself as the 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.
For further information, please visit www.corporate.brittany-ferries.com
About Columbia Threadneedle Investments
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.
With more than 2000 people including over 450 investment professionals based in North America, Europe and Asia, we manage £380bn / €430bn of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives.
Our priority is the investment success of our clients. We know investors want strong and repeatable risk-adjusted returns and we aim to deliver this through an active and consistent investment approach that is team-based, risk-aware and performance-driven. Our investment teams around the world work together to uncover investment insights. By sharing knowledge across asset classes and geographies we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams’ investment processes to ensure the best insights are applied to portfolios. More importantly it results in better informed decisions for our clients.
Columbia Threadneedle Investments is the global asset management group of Ameriprise Financial, Inc. (NYSE:AMP), a leading US-based financial services provider. As part of Ameriprise, we are supported by a large and well-capitalised diversified financial services firm.
Source: Columbia Threadneedle Investments as at 30 September 2019, Ameriprise Financial Q3 2019 earnings release.
About Condor Ferries
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. In 1999 Commodore Clipper, a conventional car, passenger and freight carrying vessel was introduced to the fleet to offer an all-weather, year round service. Each year, Condor Ferries carries just under one million passengers and 200,000 passenger vehicles.
Condor Ferries also operates Commodore Goodwill, as a freight only vessel. The Condor Ferries’ fleet carries 100,000 freight vehicles into the Channel Islands each year as well as exporting tonnes of local produce.
Condor Ferries is also an active member of the communities within which it operates and supports numerous organisations, sports and charities through sponsorship and travel.
For further information, please visit www.condorferries.co.uk
About Macquarie Infrastructure and Real Assets
Macquarie Infrastructure and Real Assets (MIRA) is one of the world’s leading alternative asset managers. For more than twenty-five years, MIRA has partnered with investors, governments and communities to manage, develop and enhance assets relied on by more than 100 million people each day. As at 31 March 2019, MIRA managed approximately £99 billion in assets that are essential to the sustainable development of economies and communities, including; 155 portfolio businesses, ~600 properties and 4.7 million hectares of farmland.
MIRA is a part of Macquarie Asset Management, the asset management arm of Macquarie Group, a diversified financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities. Founded in 1969, Macquarie employs over 15,700 people and is listed on the Australian Securities Exchange (ASX:MQG).
For further information, please visit www.MIRAFunds.com