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04 August 2008
Macquarie European Infrastructure Fund 2 (MEIF 2) today announced that it has agreed to acquire Admiral Holdings Limited, the owner and operator of Condor Group. Established in 1947, Condor provides freight, passenger and car ferry services between the UK, the Channel Islands and France.
Condor Group provides an essential lifeline service to the Channel Islands community, transporting approximately 80 per cent of all sea freight volume to and from the Islands, as well as providing a link to the UK and France for passengers and cars. The fleet comprises five vessels and operates from three UK ports (Weymouth, Poole and Portsmouth), two Channel Island ports (St Peter Port, Guernsey and St Helier, Jersey) and St Malo in France. It incorporates Condor Logistics, a market-leading door-to-door freight forwarding business operating between the UK, France and the Channel Islands.
According to Mr Martin Stanley, Chief Executive Officer of Macquarie’s European Infrastructure Funds, “Condor is a mature, essential service business with a leading market position. The company has been providing lifeline services to the Channel Islands for over 60 years. As such, it offers all of the characteristics we look for in infrastructure and essential service investments.
“Condor’s management team has significant experience and local market knowledge. We look forward to working with the staff and management at Condor to support the development of their service,” Mr Stanley said.
The transaction is subject to the approval of the Jersey Competition Regulatory Authority.
MEIF 2 makes long-term investments in essential infrastructure businesses across Europe. In addition to Condor, previous investments made by the Fund include:
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Thames Water, the largest water and wastewater services company in the UK
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Arqiva/National Grid Wireless, provider of television and radio transmission services to broadcasters in the UK
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Airwave, the UK’s largest provider of public safety communications services
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NCP, the leading off-street car parking provider in the UK
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GWE, German sustainable energy provider
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Techem AG, German energy services company
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Compteurs Farnier, French provider of water-metering services
MEIF 2 is managed by the Macquarie Group, a global leader in investment and management of infrastructure and essential-service businesses with a portfolio of over 100 assets including maritime businesses including Wightlink in the UK and the Isle of Man Steam Packet. MEIF 2 benefits from Macquarie’s substantial expertise and strong track record of responsible management.
EDITOR’S NOTES
Macquarie European Infrastructure Fund 2
Macquarie European Infrastructure Fund 2 (MEIF 2) is a €4.6bn wholesale investment fund that makes long-term investments in infrastructure businesses across Europe. It is Macquarie’s second diversified pan-European infrastructure fund. Its mandate is to invest in a portfolio of infrastructure assets located across the expanding European Union. It aims to invest in a diversified portfolio of eight to 15 assets.
The Macquarie Group
The Macquarie Group (Macquarie) comprises Macquarie Group Limited and its worldwide affiliated entities including funds under management. Members of the Macquarie Group manage more than €34 billion in equity invested in infrastructure and essential service assets around the world through a range of listed and unlisted vehicles. Infrastructure investments managed by Macquarie include assets in the energy, water, telecommunications and transportation sectors in Germany, the UK, Portugal, France, Sweden, Denmark, the Netherlands, Belgium, Canada, US, Australia, Korea, Japan and South Africa. Macquarie aims to manage investments in infrastructure assets profitably and responsibly.
FOR FURTHER INFORMATION
Karen Smith
Corporate Communication, Macquarie Group
Phone: 0203 037 2420
Mobile: 07917 081 541
karen.smith@macquarie.com
Alison Jefferis
Corporate Communication, Macquarie Group
Phone: 0203 037 2335
Mobile: 07919 382 958
alison.jefferis@macquarie.com
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