A fund managed by DIF Capital Partners has teamed up with EDF Group’s real assets investment arm to acquire Norwegian ferry business Fjord1 for an unspecified amount.

DIF Infrastructure VII and EDF Invest have agreed to buy the ferry operator from Vision Ridge Partners and Havila Holding, an investment company owned by the Sævik family in Norway. 

With a fleet of 81 vessels, Fjord1 is Norway’s largest ferry operator and the nation’s leading owner and operator of electrified ferry transportation.

Vision Ridge and Havila Holding have been investors in Fjord1 since 2019 and 2011, respectively. Under Vision Ridge’s and Havila Holding’s ownership, Fjord1’s electric has increased by over 50%.

Reuben Munger, managing partner and CIO of Vision Ridge, said: “Since investing in Fjord1 in 2019, we have worked closely with Havila Holding to strategically scale the company’s operations and increase fleet electrification to help cement its position as the nation’s leading owner and operator of electrified ferry transportation.”

Gijs Voskuyl, partner at DIF, said: “We’re very excited to invest in Fjord1, which is operating under a concession-based model, and which is a leader in delivering environmentally friendly and reliable ferry transportation in Norway.

“We look forward to working with our partner EDF Invest and the company’s management team to continue to invest in new vessels as Fjord1 continues to grow its electrified fleet to support the energy transition of the ferry industry.”

Alexandre Pieyre, head of EDF Invest, said: “Alongside our partner DIF and with an experienced management team, we look forward to supporting the company and its employees to pursue this low-carbon strategy and to bring even more innovation to the transportation industry.”

Vegard Sævik, chairman of Fjord1 AS and board of director at Havila Holding, said: ”Having been part of a transitional period for Fjord1, where the company has been at the forefront of implementing electric ferries, we are happy to have found a new owner for Fjord1 who can help develop the company further.

“The last tender win where Fjord1 is to deliver autonomous operations is a testament to the competence in the company. There is no doubt in my mind that Fjord1 will continue to be a world leader in zero-emission transportation and operational excellence.”

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