InfraRed Capital Partners acquires Norwegian ferry and ambulance boat operator GulenSkyss

 Press release 14.07.2025:

InfraRed Capital Partners (“InfraRed”), a leading international mid-market infrastructure investment manager, has completed the acquisition of GulenSkyss, a Norwegian company that owns and operates ferries and ambulance boats.

InfraRed has acquired 100% of the business from the company's founder, for a value-add fund managed by InfraRed. With its established presence on the west coast of Norway, GulenSkyss offers significant growth opportunities.

GulenSkyss owns and operates fast boats and car ferries, pilot boats and ambulance boats on long-term concession-based contracts with state counterparties. With its fleet of 15 boats, including one under construction, GulenSkyss offers critical emergency services and reliable transport connections, and thus forms an integral part of the Norwegian transport infrastructure.

With its long-standing presence, reputation for reliability and experienced management, GulenSkyss is well positioned for further growth. Over the past few years, the company has expanded its fleet and expanded its presence to new regions and different parts of the ferry market. In December 2024, GulenSkyss won a major tender for the operation of the car ferry connection between Breistein and Valestrand. Recently, the company also secured the car ferry route Solfjellsjøen – Vandve in Nordland county in Northern Norway.

The company’s long-term development is supported by strong secular trends, such as steady population growth, increasing demand for healthcare services due to Norway’s aging population, and increased domestic travel activity. Norway’s 100,000 km coastline is dissected by fjords and islands, making road and rail transport challenging; ferries are often the most efficient and cost-effective option. In 2023, ferries carried almost 50 million passengers* around Norway, providing critical connections between islands, fjords and mainland cities.

Sven Stubican, Partner, InfraRed, commented: “This is an exciting investment in an established business with significant growth potential, supported by the infrastructure characteristics we are looking for. GulenSkyss' carefully designed vessels are tailored to local needs and provide critical services for residents and communities. We look forward to working with the exceptional management team, and to drawing on our experience from other portfolio companies such as Vancouver Island Ferries in Canada.”

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

Per Strand Vold, founder of GulenSkyss, commented: "We are pleased to have found a buyer with ambitions to help further develop the company, and are confident that InfraRed Capital Partners will fit the company well and will be a strong partner for GulenSkyss in the future."

This is InfraRed's second investment in the Nordics in the last 12 months, and follows an investment in Voltan Energy, a Finnish decentralized energy company.

InfraRed used Pareto Securities as financial advisor and Thommessen and A&O Shearman as legal advisors. GulenSkyss' founder and former owner used Nordea Corporate Finance, part of Nordea Bank Abp, branch in Norway as financial advisor and Simonsen Vogt Wiig as legal advisor.