The CHAMP private equity fund is buying Strait Shipping, Streamline and Freight Lines from the Barker family, in keeping with the company founder’s wishes.
Strait Shipping which operates the Bluebridge Cook Strait ferry service, Freight Lines, and freight forwarding business Streamline, were founded by the late Jim Barker, who was intimately involved in the sale process before his death last August.
The settlement is expected to take place in the first quarter of 2017 subject to regulatory approval.
However, it will be business as usual for the three companies heading into the peak summer travel and transport season.
The Barker family is retaining its ownership of the Bulklines and Stocklines transport businesses.
“The deal represents the end of an era for the family and a very positive future for the businesses,” says Strait Shipping managing director and Barker family spokesperson Sheryl Ellison.
Ellison says that her father, Jim Barker, an Officer of the New Zealand Order of Merit, had the vision that the businesses would continue to thrive, grow and lead New Zealand’s transport industry into the future.
“We excited about their future under a new growth focused ownership,” says Ellison. “We’re confident that this sale will ensure this. “
CHAMP managing director Cameron Buchanan says his company is excited about the future potential the three companies offer.
“We’re committing to building on the strong foundations created by the Barker family and growing these businesses for the benefit of not only investors but also the wider New Zealand freight and passenger transport markets,” says Buchanan.
Buchanan says the CHAMP team is looking forward to working with management of each of the businesses during coming months to firm up plans for future growth and expansion.
“We are future focused, but we also recognise and respect the existing heritage of these companies,” says Buchanan.
