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Macquarie purchases Channel Islands ferry operator

Ferry Online Travel News 14/08/2008

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The Royal Bank of Scotland has sold Condor Ferries, which runs the Channel Islands ferry, to a Macquarie fund.

Macquarie funds already own UK ferry companies, including the Isle of Man Steam Packet and Wightlink. The acquisition of Condor Ferries is being done through its European Infrastructure Fund II. The purchase needs to be approved by the Jersey Competition Regulatory Authority.

Earlier in 2008, RBS appointed Deutsche Bank to find a buyer for the ferry operator, in a clearing-out of its non-core assets that also involved the sale of leasing company Angel Trains in deal valued at £3.6 billion. It was the debt ventures arm of RBS that originally purchased Condor Ferries from ABN Amro Capital for £240 million in September of 2004.

Condor operates catamarans from Poole and Weymouth to not only Jersey, but also Guernsey and France. The ferry company reportedly has estimated annual earnings before interest, tax, depreciation and amortisation of £25 million to £30 million.

New competition on the Channel Islands service to France emerged in 2007 with the launch of HD Ferries operations to St Malo. Operations were suspended for a time due to technical problems, but resumed again in March of this year.

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