InfraRed Capital Partners acquires Norwegian ferry and ambulance vessel operator GulenSkyss

With its longstanding presence, reputation for reliability, and experienced management team, GulenSkyss is well-positioned for further expansion. In recent years, the business has been building out its fleet and moving into new regions and different parts of the ferry market. In December 2024, GulenSkyss won a significant tender for the operation of the car ferry connection between Breistein and Valestrand. Recently, the company also secured the Solfjellsjøen – Vandve car ferry route in Nordland County, in Northern Norway.

With its longstanding presence, reputation for reliability, and experienced management team, GulenSkyss is well-positioned for further expansion. In recent years, the business has been building out its fleet and moving into new regions and different parts of the ferry market. In December 2024, GulenSkyss won a significant tender for the operation of the car ferry connection between Breistein and Valestrand. Recently, the company also secured the Solfjellsjøen – Vandve car ferry route in Nordland County, in Northern Norway.

The company's long-term development is supported by strong secular trends such as steady population growth, rising demand for healthcare services and increasing domestic travel. Norway's 100,000 km coastline is fragmented with fjords and islands, making road and rail transport difficult; ferries are often the most efficient and cost-effective option. In 2023, ferries carried nearly 50m passengers* around Norway, providing the critical links between islands, fjords, and mainland cities.

Sven Stubican, Partner, InfraRed, commented: "This is an exciting investment in an established business with significant potential for expansion, underpinned by the infrastructure characteristics that we look for. GulenSkyss's carefully designed vessels meet local needs, providing invaluable services for residents and communities. We look forward to working with the exceptional management team, leveraging our experience with other portfolio companies, such as Vancouver Island Ferries in Canada."

Frode Sønstabø, CEO, GulenSkyss, commented: "We are incredibly proud to partner with InfraRed Capital Partners. This acquisition gives us a unique opportunity to strengthen our position within our market segments. With the support and expertise of InfraRed Capital Partners we are well equipped to unlock the full potential of GulenSkyss. We look forward to working closely with InfraRed Capital Partners to deliver even better results for our customers and employees. This is the beginning of an exciting journey for GulenSkyss"

Per Strand Vold, GulenSkyss Founder, commented: "We are happy to have found a new partner for GulenSkyss with ambitions to further develop the company, and we are confident that InfraRed Capital Partners will be a strong fit for GulenSkyss in the future."

This is the second investment made by InfraRed in the Nordics in the past 12 months, following an investment in Voltan Energy, a decentralised energy company based in Finland.

* Statistics Norway, Ferry Data bank

Notes to Editors

About InfraRed Capital Partners ("InfraRed")

InfraRed is a leading international mid-market infrastructure asset manager. Over the past 25 years, InfraRed has established itself as a highly successful developer, particularly in early-stage projects, and an active steward of essential infrastructure.

InfraRed manages US$13bn of equity capital ^[1] for investors around the globe in listed and private funds across both core and value-add strategies.

InfraRed combines a global reach, operating worldwide from offices in London, Madrid, New York, Sydney and Seoul, with deep sector expertise from a team of more than 160 people.

InfraRed is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life, and benefits from its scale and global platform.

For more information, please visit www.ircp.com.

^[1] Uses 5-year average FX as at 31st December 2024 of GBP/USD of 1.2818; EUR/USD 1.1092. EUM is USD 13.186m.

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