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Archived News Release 06-06-2007

Infracapital Partners LP acquires Red Funnel Group

The Board of Red Funnel announces that its institutional shareholders have completed the sale of their share capital in Red Funnel to Infracapital Partners LP – the infrastructure fund of the Prudential Group.

Tom Docherty Managing Director, Colin Hetherington Commercial Director and Richard Scott, Finance Director have joined the Board of the new holding company. Senior management remains unchanged and will continue to hold a significant equity stake in the business going forward.

Tom Docherty says:
“We are delighted that Infracapital have succeeded in their acquisition of Red Funnel and consider their long-term intentions as new owners of the business to be highly compatible with the plans that the team here have developed for the future. We look forward to working with the team at Infracapital in delivering our exciting plans for the future and for ensuring that Red Funnel is viewed as the first choice for cross-Solent travel.

Ed Clarke, Director of Project & Infrastructure at Prudential M&G & Manager of Infracapital Partners LP, says:
“Red Funnel represents a valuable strategic addition to our infrastructure portfolio. As long term investors we are attracted to Red Funnel’s established high quality business, growth potential and strong management.

Given the essential nature of the infrastructure owned and operated by Red Funnel, the continuing provision of a reliable high quality service to commuters and other ferry passengers between Southampton and the Isle of Wight is central to our long term vision.”

Notes for editors:
Infracapital Partners LP is the infrastructure fund of the Prudential Group and was established to make investments in cash-generative infrastructure assets, including electricity and gas transmission and distribution networks, renewable energy, water and sewerage companies, and transport infrastructure. The Prudential Group, which was incorporated before Red Funnel in 1848, is a major global financial services group with £251 billion of funds under management (as at 31 December 2006) and is a long-term investor in the infrastructure sector. Infracapital is managed by M&G Investment Management Limited, the investment management business of the Prudential Group. Infracapital’s portfolio includes a stake in Associated British Ports which owns the Port of Southampton.

M&G Investments

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Isle of Wight Port Addresses: Red Funnel Isle of Wight Ferries, Trinity Road, East Cowes, Isle of Wight PO32 6RA | Red Funnel Red Jet Ferries (West Cowes), Fountain Yard, West Cowes, Isle of Wight PO31 7AR.

Southampton Port Addresses: Red Funnel Isle of Wight Ferries (Terminal 1), Terminal 1, Dock Gate 7 off Town Quay Road, Southampton, SO14 2AR | Red Funnel Red Jet Ferries (Terminal 2), Terminal 2, Town Quay, Southampton SO14 2AQ.

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