Bluebridge’s new owners eye growth
Cook Strait ferry service Bluebridge and trucking company Freight Lines have been sold to a group of investors for an undisclosed sum.
Strait Shipping, which operates Bluebridge, and Freight Lines – both founded by transport industry legend Jim Barker – have been bought by funds managed by Champ Private Equity Group.
Freight-forwarding business Streamline is also part of the deal; however, the Barker family will retain ownership of Bulklines and Stocklines.
Strait Shipping managing director and Barker family spokesperson Sheryl Ellison said the sale represented the end of an era for the family and a positive future for the businesses.
‘‘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.’’
Ellison’s father, Jim Barker, had been closely involved in the sale process up until his death in August.
‘‘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.’’
Champ group managing director Cameron Buchanan said he was excited about the acquisition and potential the three companies offered.
‘‘We’re committed to building on the strong foundations the Barker family has created and growing these businesses for the benefit of not only investors but also the wider New Zealand freight and passenger transport markets.’’
Strait Shipping has been moving freight between the North and South islands since 1992 and diversified into the passenger market with the launch of the Bluebridge service in 2003.
New Zealand Shipping Federation executive director Annabel Young said Strait Shipping was established by Jim Barker after realising the need for a second ferry service during the strikes from the late 1980s and early 1990s.
When Barker launched Strait Shipping, it was the only competitor to the Interislander ferries – and still is to this day.
‘‘Mr Barker made the most spectacular difference to New Zealand’s shipping industry,’’ Young said.
‘‘We can’t say enough about the family and the impact of the decisions they made in the 1980s.’’