Bluebridge ferry service bought by Australian private equity

Tuesday 06 December 2016 02:51 PM

Bluebridge ferry service bought by Australian private equity

By Edwin Mitson

Dec. 6 (BusinessDesk) - The company behind Interislander rival, Bluebridge Cook Strait Ferry Service, has been sold to an Australian private equity group.

Strait Shipping, which runs the Bluebridge service between Wellington and Picton, is being bought alongside Freight Lines and the freight forwarding business, Streamline, in a deal that's expected to settle in the first three months of next year. No price is being disclosed.

All were founded by industry veteran Jim Barker, who died in August this year.

The Bluebridge ferry service started out in 1992, after Barker and other shareholders became frustrated by the service offered by the KiwiRail owned Interislander. Initially, it only carried shipping, adding passengers from 2002.

Strait Shipping managing director Sheryl Ellison, who is Barker's daughter, said her father had been closely involved with the sale process until his death.

"It was dad's vision that these businesses would continue to thrive, grow and lead New Zealand's transport industry into the future and we're confident that this sale will ensure this."

Cameron Buchanan, CHAMP private equity managing director said he was keen to grow the businesses.

“We’re committed to building on the strong foundations the Barker family has created and growing these businesses for the benefit of not only investors but also the wider New Zealand freight and passenger transport markets.”

Champ has offices in Sydney, Brisbane and Singapore and was founded in 1988. It currently manages around A$3 billion in assets. The Barker family has retained ownership of Bulklines and Stocklines, which specialise in moving bulk products and livestock respectively.

(BusinessDesk)

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