Isle of Man Steam Packet

Passenger ferries

Status

Realised

MOIC

0x

IRR

0%

Value at exit

£0m

Isle of Man Steam Packet

ABOUT THE INVESTMENT

The Isle of Man Steam Packet Company is the oldest continuously operating passenger shipping company in the world. The business provides freight, passenger and vehicle services between the Isle of Man and five ports in the UK and Ireland.

We bought senior debt in the company in 2012. We expected to earn an attractive return by simply holding the debt to maturity, as the business benefits from significant barriers to entry and strong cash generation. We worked with the company’s other lenders to put in place a management incentive scheme and to develop a  new medium-term strategy. At the same time we explored the option to buy more debt to gain control. Ultimately though this was not achievable and we took the decision to sell.

We sold the investment in 2014 to a financial buyer.

Isle of Man Steam Packet
  • ACTIVITY

    Passenger ferries

  • ENTRY DATE

    Dec 2012

  • EXIT DATE

    Dec 2014

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TEAM

Meet the team

Ian Wood

Ian Wood

Head of the Investment Team

Our investments

VIEW OUR MOST RECENT INVESTMENTS