Legacy UK ferry operator Red Funnel acquired by private equity

Investment manager Njord Partners has acquired Red Funnel, the ferry operator that has served the Isle of Wight for over 164 years.
A statement from Red Funnel said the business has faced financial difficulty during the past five years and that the acquisition gave the company a firmer financial footing. 

The company said its "significant indebtedness" has "severely limited" its ability to invest, and that the acquisition gave the company an improved future outlook.

Red Funnel CEO Fran Collins said: “Our priority is to ensure Red Funnel operates sustainably and responsibly for decades to come, delivering high-quality, reliable, and friendly services across the Solent. We are delighted to partner with Njord Partners as Red Funnel enters this new chapter. Their milestone commitment gives us the confidence and platform to support our ambitious future plans.
“As a lifeline service provider, it is essential that our partners deeply understand our business and share our values. Njord Partners has a strong track record of building enduring relationships with owners, management teams, customers, and stakeholders—particularly in transport and maritime—supporting growth and long-term success.”
UK-based Njord Partners said it “brings a strong track record investing in, and supporting, growth at UK businesses, helping companies excel by strengthening their operations, improving products and services, and delivering for customers and communities”. 
The private equity firm cited awards for successful business turnarounds and a particular expertise in hospitality and maritime, with portfolio companies including Ambassador Cruise Line and Geoquip Marine.
Njord Partners founding partner Jakob Kjellberg commented: “Red Funnel is a vital part of the Isle of Wight’s economy and community -- a true backbone of the Solent and South UK region. This is a great company with a proud history and a dedicated management team at its core.
“We are excited to support Red Funnel’s next chapter, restoring its financial health and empowering its people to deliver the reliable, efficient service that islanders and visitors deserve.”