Red Funnel has finally been sold, ending months of speculation over the Isle of Wight ferry firm's future.
Private equity firm, Njord Partners, has been announced as the buyer, pledging to "restore" RF's financial health.
By its own admission, the cross-Solent operator has battled "significant" debt, hampering its ability to invest over a "challenging" five years.
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Going forward, RF believes the sale will give it the "confidence and platform" to support its future plans.
But who are Red Funnel's new owners and what do we know about them?
What is Njord Partners?
Established in 2013, Njord Partners is a limited liability partnership (LLP), providing flexible debt and equity solutions to companies facing "complex situations".
It describes itself as a UK-based investment firm that "helps businesses grow and succeed, especially during times of change."
According to its website, it offers special situations investment and manages capital in excess of €1 billion.
Njord Partners has a portfolio of companies, including Valiant Pub Company, Ambassador Cruise Line, and Geoquip Marine.
Although it provides "tailored capital solutions to European middle-market companies", the firm's registered address is in London.
Who is behind Njord Partners?
Njord Partners is co-founded by Jakob Kjellberg and Arvid Trolle.
Mr Kjellberg is also chair of the board of RETN Group.
Mr Kjellberg also holds directional positions at Ambassador Cruise Lines and is a senior industrial advisor at Asterion Industrial Partners.
He also leads the advisory board work of euroAtlantic Airways.
What did they say about the purchase?
Commenting on the purchase of RF, Jakob Kjellberg said: “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.”
What does Njord's own finances look like?
For the year ending March 31, 2024, the company recorded an after tax profit of £1.65 million, up from £1.3 million the previous year.
The firm's reported turnover was £8.23 million, and its total comprehensive income available discretionary division among members stood at £1.55 million.
What did RF CEO Fran Collins say about the sale?
Fran Collins, CEO at Red Funnel, 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.”
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