Tue, 14 Mar 2017 | BUSINESS SALE
Isle of Wight ferry operator Red Funnel has been put up for sale for £250 million by owner Infracapital, an infrastructure investment arm of the Prudential.
Infracapital, which bought Red Funnel about a decade ago for £200 million, has appointed Macquarie, the Australian investment bank, to handle the sale.
Red Funnel, established in 1861, operates 30,000 trips a year from Southampton to Cowes on the Isle of Wight, carrying 3.4 million passengers and 860,000 vehicles. The firm employs around 460 people.
Red Funnel this week confirmed the news, first reported by the Sunday Times.
The firm’s chief executive Kevin George said: "Infracapital has been a supportive owner of Red Funnel for nine years during which time there has been significant investment and improvements in the services we provide. It is normal for an infrastructure fund manager such as Infracapital to review its investments from time to time.
“We remain totally committed to offering safe and reliable services, value for money and great customer service now and into the future.”
Red Funnel posted £17.6 million in profit in 2015, 23 per cent up on the previous year.
In 2015 Wightlink, Red Funnel’s rival, was sold by Macquarie to Balfour Beatty’s infrastructure arm.
Find leisure and lifestyle businesses for sale.
Long established, successful and profitable MOT, servicing and repair motor business in London. Ill health forces sale. Limited competition. Exceptional reputation. Parking available for 4/5 cars. Offers invited.
Excellent window and conservatory business. Superb bolt-on business. Entirely word of mouth business and still growing. No marketing necessary at this turnover. Offers invited.
LEASEHOLD
Reputable Italian restaurant in Rugeley, established since 1997. Business comes with fully licensed bar free of tie. Offers invited.
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
|
12
|
|
Jul
|
Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE
Blancco Technology Group, which provides a range of mobile d...
|
11
|
|
Jul
|
ASL Group completes its third acquisition in 18 months with Reprotec | BUSINESS SALE
Just one week after securing fresh private equity backing, A...
Sign up to receive our acquisition alert emails to get your FREE guide
|
20
|
|
Apr
|
Govt’s Green Investment Bank sold in £2.3bn deal | BUSINESS SALE
The government has sold its Green Investment Bank (GIB) to M...
|
22
|
|
Dec
|
Dong to sell 50% of offshore wind farm in £1.6bn deal | BUSINESS SALE
Clean energy firm Dong Energy is to sell 50 per cent of Race...
|
17
|
|
Feb
|
Future bright after ferry firm's buy-out | BUSINESS SALE
The future of the ferry firm Wightlink Ferries, which operat...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources