RBS debt arm acquires Condor Ferries

Royal Bank Debt Ventures, the debt finance arm of Royal Bank of Scotland, has acquired Condor Ferries, an operator of ferry and catamaran services to the Channel Islands.

Condor Ferries, a provider of ferry and catamaran services to the Channel Islands, has been acquired by Royal Bank Debt Ventures, the debt finance arm of UK banking group Royal Bank of Scotland.

A spokesman for Royal Bank of Scotland confirmed a report in today’s Daily Telegraph that the deal had completed, but said the bank was not prepared to comment further on the transaction.
 
The report said that Royal Bank Debt Ventures had acquired Condor for £240 million (€353 million; $429 million) from private equity house ABN Amro Capital. ABN had acquired the business from venture capital group 3i and the Jersey-based Norman family in August 2002 for around £150 million and was reported to have made a profit of around £100 million from the deal.

Condor’s net debt is reported to stand at around £140 million. Royal Bank Debt Ventures first became involved in the business in February, when it led a refinancing.

Condor’s services link Portsmouth, Poole and Weymouth in the UK with the Channels Islands of Jersey and Guernsey and the French ports of Cherbourg and St Malo. In February 2001, Royal Bank Private Equity, the private equity arm of Royal Bank of Scotland, acquired the Wightlink ferry service to the Isle of Wight in a £180 million deal.

Royal Bank Debt Ventures, which is part of RBS Structured Finance, provides senior debt, mezzanine debt and loan stock and typically provides expansion capital and acquisition finance to secondary buyouts and reorganisations.