Scottish-owned ferry company Fullers360, one of Auckland Transport’s contracted operators, is being put on the market.
Parent company Souter Holdings has engaged investment firm Cameron Partners to explore a sale, according to a report in The Australian. The company, which runs 21 ferries across the Hauraki Gulf and the Waiheke Bus Company’s 34-strong fleet, has declined to comment on the process.
Fullers has faced repeated criticism in recent years for high fares and cancellations. In March, Auckland Transport’s public transport director Stacey Van Der Putten said it was concerned about the “recent cancellations and delays” across Gulf Harbour services. Waiheke residents have also protested over ticket price hikes.
Fullers’ modern history began in the 1980s, when the Auckland ferry operator expanded under private ownership before being acquired by Stagecoach New Zealand, the local arm of the Scottish transport giant co-founded by Sir Brian Souter.
In 2005 Stagecoach sold its New Zealand business, including Fullers, to infrastructure investor Infratil. Four years later, in 2009, Infratil on-sold Fullers to Souter Holdings, Sir Brian Souter’s private investment firm, bringing the ferries back under his control but this time outside the Stagecoach Group.
