Red Funnel Ferries operates the passenger and vehicle ferry service between the Port of Southampton in Southern England and Cowes on the Isle of Wight.
After an extremely intensive week of negotiations, Infracapital Partners concluded its acquisition of Red Funnel Ferries from HBOS and the company’s management team. Operis carried out due diligence on the valuation and banking financial model for the acquisition’s funders, during the last few days preceding financial close today. Operis used a very large team assigned to this transaction, managed under a radically new process, necessitated by the tight timescale.
Despite the short time available, Operis was able to carry out a full-scale mandate using accelerated-audit processes recently developed to enhance both quality assurance and client service simultaneously.
Paul Myers, Director and Head of Analysis, said,
“Since April this year we have used the accelerated review process on several transactions working on a very short fuse, and we have been delighted at the clear advantages this affords organisations on the buy-side: to close time-critical transactions efficiently, without worrying about the usual time constraints with financial due diligence. Operis has a reputation for full service quality model audit delivery in time with no fuss, and we are pleased how well this has worked out for us and for our clients.”