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FBD has sold Passage East Ferry Company to Carlingford Ferries, the company announced today.
FBH Holdings owned a 70% share in the business arising out of a legacy investment which is now considered non-core.
The insurer announced its intentions to sell in earlier this year.
The company operates a car ferry between Passage East in Co Waterford and Ballyhack in Co Wexford.
Increase in turnover
Turnover for the company last year was in the region of €1.6m per annum, a 5% rise in 2015. Earnings (EBITDA) has increased year on year, with a 30% increase on the previous year.
The company was purchased by a company based in Limerick, Frazer Ferries, the company behind the proposed car ferry across Carlingford Lough, between Greenore, Co Louth, and Greencastle, Co Down.
Paul O’Sullivan from Carlingford Ferries said: “The ferry is a long-established business and provides a vital service in the region. We look forward to working closely with the team as we embark on this next exciting chapter.”
The sale includes a 28-vehicle ferry and a commercial premises with offices, and stores at Passage East, Co Waterford.
Along with 28 vehicles, the ferry can carry up to 130 passengers, connecting Waterford City with the Hook Peninsula in Wexford.
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