Montagu to let ferry company sail

Montagu Private Equity has agreed to sell The Isle of Man Steam Packet Company, the UK ferry operator, to Macquarie Bank for £225m.

Montagu, through its second fund, is reported to have made a £53m profit on exit. It originally acquired the company, which is the sole provider of freight transportation and passenger ferry services to the island, in July 2003 for £142m.

This represents the second ferry UK operator Macquarie has bought this year. In June it paid £230m for Wightlink, the Isle of Wight ferry operator, and has recently been linked with a bid for PD Ports, the owner of the UK’s second largest port, PD Teesport in north-east England.