Martin Stanley is CEO of Condor Ferries’ new owner, Macquarie European Infrastructure Funds. (0616811)
AN AGREEMENT has been reached to buy ferry operators the Condor Group for an undisclosed sum.
Wholesale investment fund Macquarie European Infrastructure Fund 2 announced its planned acquisition of the ferry operator yesterday, ending six months of uncertainty surrounding the Condor Group and whether its parent company, Admiral Holdings Ltd, was for sale.
In January it had been rumoured to be on the market for around £300m.
Macquarie European Infrastructure Funds chief executive officer Martin Stanley said there were no plans for changes in management, staff or services.
‘Macquarie invests on behalf of pension funds and other long-term investors who look for long-term, stable growth.
‘We plan to work with Condor’s management to continue delivering quality service.’
He said Condor was an attractive proposition because it was a mature, essential-service business with a market-leading position.
‘The company has been providing lifeline services to the Channel Islands for over 60 years. As such, it offers all the characteristics we look for in infrastructure and essential-service instruments.
‘Condor’s management team has significant experience and local market knowledge. We look forward to working with the staff and management at Condor to support the development of their service.’
Condor chief executive Rob Provan said the deal, which was subject to the approval of the Jersey Competition Regulatory Authority, was excellent news.
‘We now have a long-term investor with a track record of owning and being committed to infrastructure investments.
‘There are no plans to change the business.’
Previous investments made by the MEIF 2 fund include Thames Water, the largest water and wastewater services company in the UK, Arqiva, a provider of television and radio transmission services to broadcasters in the UK, and Airwave, the UK’s largest provider of public safety communication services.
The fund is managed by the Macquarie Group, a global leader in investment and management of infrastructure and essential-service businesses with a portfolio of more thanº 100 assets.
These include maritime businesses such as the Isle of Man Steam Packet Company and Wightlink Ferries.
Members of the Macquarie Group manage more than 34bn euros in equity.
Condor’s service-level agreement with the States of Guernsey to operate car passenger ferry services lapses at the end of the year.
The operator is currently in discussion with the Commerce and Employment Department and the Jersey authorities as to what agreement will follow.
Jersey has been renewing its agreement with Condor yearly after it ran out at the end of 2006.
A Commerce and Employment spokesman said: ‘The department is pleased that the issue of Condor’s long-term finance has been finalised and look forward to working with the company under its new ownership to ensure that Guernsey’s economy is supported by robust and appropriate sea links to both the UK and France.’
Article posted on 5th August, 2008 - 2.29pm
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