Private equity buys Bluebridge ferry operator
Sale accords with late founder's wishes
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Aus election
The family owners of Bluebridge ferry operator Strait Shipping have agreed to sell their freight businesses to funds managed by Australia-based Champ Private Equity for an undisclosed sum.
Strait Shipping was founded by the late Jim Barker in 1992 and he was closely involved in the sale process until his death in August this year.
Mr Barker started out with a small freight firm in Otorohanga in 1963 and was appointed to the New Zealand Order of Merit last year for services to transport and philanthropy.
Strait managing director Sheryl Ellison, Mr Barker’s daughter, said although the sale marked the end of an era there was a positive future for the businesses.
“We are extremely proud of these three leading New Zealand transport businesses and we are excited about their future under a new growth-focused ownership.”
As well as Strait Shipping, the Barker family is selling Freight Lines and freight forwarder Streamline.
“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,” Ms Ellison said.
Champ managing director Cameron Buchanan says his company is excited about the acquisition.
“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.”
Settlement is expected to take place in the first quarter of 2017.
Champ said it would be business as usual for the three companies as they head into the peak summer travel and transport season.
Tim Hunter
Tue, 06 Dec 2016
Tue, 06 Dec 2016
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Private equity buys Bluebridge ferry operator
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