Quadrant has come calling for Jaybro and Morgan Stanley for StraitNZ, presenting CPE Capital’s investors with a $1.1 billion-plus Christmas gift.
Just as the city heads into the holidays for Christmas, CPE Capital is understood to have signed two deals on the same day, selling StraitNZ and JayBro for a combined $1.1 billion-plus.Morgan Stanley Infrastructure Partners is understood to have stumped up more than $NZ500 million for freight business StraitNZ.
The 30-year-old company has a 56 per cent market share in vehicle freight in the Cook Strait and 31 per cent of the passenger market . It is one half of a duopoly with state-owned Interislander. CPE bought Strait Shipping and Freight Lines from New Zealander Jim Barker, as well as freight forwarding business Streamline, to create StraitNZ. Macquarie has been a minority shareholder, with a 25 per cent stake, since mid-2018, when it was valued at about $NZ400 million. Tuesday’s sale to Morgan Stanley means Macquarie will also exit its stake.
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