FRS Buys Majority Stake in Clipper, Grows Presence in North America
- Business & Finance
German shipping group Fast Reliable Seaway (FRS) has bought a majority interest in US-based ferry company Clipper to expand its presence in Canada.
With the acquisition, Clipper will introduce a new hub in Vancouver connecting downtown Vancouver to downtown Victoria.
FRS also said it plans to launch a new ferry service from Florida to Cuba, pending government guidance and approval.
“The expansion of operations to Vancouver and Cuba will further benefit both of our Canadian and American destination cities,” Merideth Tall, founder, CEO and Chair of Clipper, said.
“Clipper has an impressive track record in the Pacific Northwest and Canada, and will now serve even more of the Canadian market with a new Vancouver service. With the support of Clipper, we are also thrilled to launch a new ferry service between Florida and Cuba,” Götz Becker, CEO of FRS, said.
Terms of the acquisition were not disclosed.
FRS, which currently operates 60 vessels in 12 countries, carried more than 7 million passengers and 1.9 million vehicles last year on national and international ferry lines.