Ferry operator Red Funnel has been bought by a consortium of British and Canadian pension schemes led by the West Midland Pensions Fund and the Workplace Safety and Insurance Board of the Province of Ontario.
The Isle of Wight ferry company’s current owners, Infracapital, said it had invested significantly in the operationg since buying it in 2007.
In a statement it said the fleet had been considerably upgraded, and both on-board experience and customer service have markedly improved with 93% of customers rating Red Funnel’s services as ‘excellent or good’.
Infracapital co-founder and director Ed Clarke said: "Red Funnel provides essential services to both residents of and visitors to the Isle of Wight and we are very proud to have supported the business over the last decade.
"The hard work of the management team and the investments we have made have yielded significant benefits to customers, the local community and its economy. We are confident that Red Funnel will continue to grow under its new ownership and wish the business and its employees every success."
Consortium director Michael Campbell said: "Red Funnel plays a critical role within the community, is led by a strong management team and a committed workforce who are dedicated to delivering safe, reliable essential Isle of Wight ferry services.
"We are pleased to continue the tradition of investment in this proud 150-year-old company."
Red Funnel chief executive Kevin George said: "We are very grateful for the support provided by Infracapital and our customers over the last ten years.
"Red Funnel has benefited hugely from a wide-ranging programme of investment and improvement, and I’m delighted that these are being recognised with fantastic customer feedback and repeat visitors.
"We are all excited to be working with the consortium as we continue to grow the business and provide safe and reliable ferry services, value for money and great customer service."
