Montagu Private Equity has today agreed to sell The Isle of Man Steam Packet Company, the operator of freight and passenger ferry services to and from the Isle of Man, to Macquarie Bank for £225 million. 

The Isle of Man Steam Packet is the sole provider of regular passenger, vehicle and freight services to the Isle of Man. The company provides an essential link with the UK mainland not only providing transport to and from the island but also delivering essential supplies to residents and businesses. 

The company is the oldest continuously operating passenger shipping company in the world and celebrated its 175th anniversary this year. Its services include passenger and freight services between Douglas and Heysham Port with a number of fast ferry sailings between Douglas, Liverpool, Belfast and Dublin. 
Montagu Private Equity bought The Isle of Man Steam Packet from Sea Containers in July 2003. 

Simon Pooler from Montagu commented:
"This has been another solid investment for Montagu; backing a top quality business and first rate management team. The Steam Packet management has significantly developed and improved the business over the last two years, establishing the ferry operator as a strong stand alone business and enhancing the service to islanders through dedicating its fleet to servicing the Isle of Man. This has delivered better quality vessels and greater capacity for passengers and vehicles at sailing times to meet peak demand from residents."

Macquarie Bank is a natural fit as the new owner of The Isle of Man Steam Packet. It is a global leader in the infrastructure sector with a track record in successfully and responsibly managing essential community infrastructure assets around the world. The Steam Packet will benefit from Macquarie's commitment, global resources and specialist expertise.
Montagu Private Equity was advised by the Manchester teams of Ernst & Young and DLA Piper Rudnick Gray Cary UK LLP.