
Photo: Stephen Berry
NZ’s Strait Shipping sold
Ferry New Zealand Cook Strait ferry operator Strait Shipping has been acquired from the Barker family by investment funds manager CHAMP Private Equity for an undisclosed price.
Under the Bluebridge brand, Strait Shipping operates the ro-paxes STRAITSMAN (ex DUEODDE) and STRAIT FERONIA (ex STENA FERONIA) between Wellington on NZ’s North Island and Picton on the South Island.
As well as the ferry operation CHAMP has bought Barkers’ trucking company Freight Lines and freight forwarder Streamline but the family is keeping Bulklines and Stocklines.
Negotiations for the sale were underway when company founder Jim Barker died on 28 August. Mr Barker, who began his career in road transport when he started Otorohanga Transport in 1963, started Strait Shipping with partners in 1992 after problems experienced with obtaining freight space across Cook Strait during peak season.
In 2002 the company expanded to operate the Bluebridge passenger service, which now carries one third of all traffic across Cook Strait. His daughter Sheryl Ellison is now MD of Strait Shipping.
Ms Ellison said “We are extremely proud of these three leading New Zealand transport businesses and we are excited about their future under a new growth focused ownership. It was Dad's vision that these businesses would continue to thrive, grow and lead New Zealand's transport industry into the future and we're confident that this sale will ensure this.”
© Shippax / Dale Crisp
Dec 07 2016
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