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Cruise News for the Corporate Travel Professional

July 2012 Edition

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Compagne du Ponant sold to London Investment Firm

CMA CGM (the world�s third largest container shipping company and ranked number one in France, achieved a turnover of 14.9 billion USD in 2011. Operating a fleet of 394 vessels, the Group serves more than 400 ports around the world. In 2011, it carried more than 10 million TEU (twenty-foot equivalent units). With a presence on every continent and in 150 countries through its network of 650 agencies and branch offices, the Group employs 18,000 people worldwide) and its parent company Merit Corporation announced the disposal of its former cruise arm, Compagnie du Ponant, to London-based private equity firm Bridgepoint Capital, well-known in the UK for its investment in the Pr�t a Manger quality sandwich shops and fashion chain Fat Face as well as Leeds Bradford International Airport.

It also has an office in Paris and investments in a number of businesses in France, including opticians Alain Afflelou, jewellers Histoire d�Or and residential property managers Foncia. Previous to a management buyout twelve years ago, Bridgepoint was known as Natwest Equity Partners.

The agreement will offer Compagnie du Ponant the resources it needs to fulfill its ambitions, maintain growth and take its international expansion to a new level. The parties have agreed to finalise the transaction by the end of next month. Last October, CMA CGM transferred 50% of its holding in Compagnie du Ponant to Beirut-based Merit Corporation, which also owns 80% of CMA CGM.

(Bridgepoint is a European private equity firm focussing on the acquisition of companies valued up to �1 billion. With some �11 billion of capital raised to date, it typically focuses on acquiring well managed companies in attractive sectors with the potential to grow organically or through acquisition. Although a generalist investor, Bridgepoint has developed expertise in the business services, consumer, financial services, healthcare, media, and industrial sectors. It has offices throughout in Frankfurt, Istanbul, London, Luxembourg, Madrid, Milan, Paris, Stockholm and Shanghai) .

With three new 10,944-ton 264-berth ships and its original 1,489-ton 60-berth Le Ponant, the sale by the indebted CMA CGM will hopefully free up Compagnie du Ponant to expand its operation further.

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