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38-611: Red Funnel , the trading name of the Southampton Isle of Wight and South of England Royal Mail Steam Packet Company Limited , is a ferry company that carries passengers , vehicles and freight on routes between the English mainland and the Isle of Wight . High-speed foot passenger catamarans , known as Red Jets , run between Southampton and Cowes , while vehicle ferries run between Southampton and East Cowes . It also runs

76-445: A frequent-flyer program mileage award are usually included. This term is used in the transportation industry, in particular in traffic measures such as revenue passenger kilometer (RPK) and revenue passenger mile (RPM). Revenue passenger kilometres (RPKs) and revenue passenger miles (RPMs) are measures of traffic for an airline flight, bus , or train calculated by multiplying the number of revenue-paying passengers aboard

114-650: A controlling interest in Cosens & Co Ltd , a rival pleasure steamer operator based in Weymouth . This enabled the combined company to coordinate their excursions and also gave Red Funnel access to the Cosens' marine engineering and ship repair facilities. Excursions came to end in 1966 but the engineering side continued until sold off in 1990 to a management buy-out. In 2001 the company was sold to JP Morgan Partners by Associated British Ports Holdings , which had acquired

152-402: A deal valuing the business at more than £200m. In 2014, plans came to light for the relocation of Red Funnel's Southampton terminal, as part of the redevelopment of the derelict Royal Pier . The plans would include relocating the vehicle and foot passenger terminals to a new site at Trafalgar Dry Dock, also known as Pier 50. Plans were approved in 2016, and Red Funnel was supposed to relocate at

190-626: A sizable excursion steamer business along the South Coast of England including day trips from the Isle of Wight to France, but today services are concentrated on two routes. In 1931 it introduced its first diesel ferry, the MV Medina . Ferries have steadily increased in size to the current Scottish-built Raptor class operated between East Cowes and Town Quay in Southampton. Between 1969 and

228-519: A target size of $ 500 million. After more than a year of fundraising, Panorama closed on approximately $ 240 million of investor commitments. In December 2008, CCMP Capital Asia, which had operated increasingly autonomously of the US and European teams, completed a formal separation from CCMP Capital, changing its name to Unitas Capital. CCMP Capital Asia, which operated separate private equity investment funds had co-invested in several transactions alongside

266-444: Is a person who travels in a vehicle , but does not bear any responsibility for the tasks required for that vehicle to arrive at its destination or otherwise operate the vehicle, and is not a steward. The vehicles may be bicycles , buses , cars , passenger trains , airliners , ships , ferryboats , personal watercrafts , all terrain vehicles , snowmobiles , and other methods of transportation. Crew members (if any), as well as

304-725: The Admiralty . In 1868 the company took over the Cowes Floating Bridge Company and operated the floating bridge until 1901. In 1885 the company bought the New Southampton Steam Towing Company and operated tugs and tenders, later under the subsidiary Red Funnel Towage . In 2002 Red Funnel Towage was sold to the Adelaide Steamship Company , later passing to Svitzer Marine . In 1946 Red Funnel acquired

342-642: The Hythe Ferry service. Blue Funnel Ferries will be renamed the Hythe and Southampton Ferry Company Limited. Red Funnel's house flag was adopted in 1861. The design was inspired by the names of the company's early paddle-steamers, Sapphire , Emerald , Ruby and Pearl . A simple rhyme was the guide to flying it correctly: "Blue to mast, green to fly, Red on deck, white to sky." Between Southampton and East Cowes , Red Funnel runs four vehicle ferries. The crossing takes roughly an hour. The crossings are, for

380-465: The Isle of Wight Royal Mail Steam Packet Company was established by Cowes interests to operate the first steamer service from there to Southampton . In 1826, the Isle of Wight Steam Packet Company was formed in Southampton, and by the following year the two companies had started co-ordinating their operations. In 1860, the Southampton, Isle of Wight & Portsmouth Improved Steamboat Company

418-491: The 1990, the company also ran Italian-built hydrofoils between Town Quay and Cowes. This route is now served by high-speed, passenger-only catamarans . In 1867 Red Funnel instituted a service crossing the River Medina between Cowes and East Cowes . This service was operated by a series of small launches over the years. The service ceased on the outbreak of war in 1939 when the vessels involved were requisitioned by

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456-460: The carrier act with a certain standard of care. The number of passengers that a vehicle or vessel may legally carry is defined as its seating capacity . A revenue passenger is someone who has paid a transport operator for her or his trip. That excludes non-paying passengers such as airline employees flying on free or nearly-free passes , babies and children who do not have a seat of their own, etc. However, passengers who paid for their trip with

494-544: The company in 1989 as a white knight to fend off a hostile takeover by Sally Lines . In 2004 the company was sold again in a management buy-out backed by the Bank of Scotland for £60 million. On 12 April 2007, the owners of Red Funnel (who include HBOS ) announced that they were considering selling Red Funnel. In June of the same year, the company was sold to the Prudential 's infrastructure specialist, Infracapital, in

532-406: The driver or pilot of the vehicle, are usually not considered to be passengers. For example, a flight attendant on an airline would not be considered a passenger while on duty and the same with those working in the kitchen or restaurant on board a ship as well as cleaning staff, but an employee riding in a company car being driven by another person would be considered a passenger, even if the car

570-482: The driver other than the benefit of his or her company or the mere sharing of expenses". In other situations, however, guest statutes may limit the ability of passengers to sue the driver of the vehicle over an accident. Many places require cars to be outfitted with measures specifically for the protection of passengers, such as passenger-side air bags . With respect to passengers on commercial vehicles or vessels, both national laws and international treaties require that

608-660: The end of 2017. However, Southampton City Council terminated the deal to relocate the Royal Pier in August 2019, with the impact on the project to relocate the Red Funnel terminals unclear. In 2017 the company was sold to a consortium, including West Midlands Pension Fund and the Workplace Safety & Insurance Board . In the same year, construction work began on renovating and enlarging the terminal at East Cowes,

646-546: The ferries were refitted and extended both in length and height by Remontowa S.A. in Gdańsk , Poland. This was following a corporate decision driven by Tom Docherty to maximise summer operating capacity taking the previous capacity from around 100 CEUs to 213 CEU. During 2014 Red Falcon underwent a £2.2 million refurbishment, which saw the interior and facilities replaced with a bright and new modern look. Due to success and increase of passengers on their services during 2014, it

684-460: The ferry between Southampton and Hythe . Red Funnel's main competitor is Wightlink whose services operate from Portsmouth to Fishbourne and Ryde , and from Lymington to Yarmouth . The other major Solent ferry company, Hovertravel , operates between Southsea and Ryde . Both provide a frequent service to the Isle of Wight , but neither normally serve Southampton, Cowes or East Cowes . The origins of Red Funnel date back to 1820, when

722-694: The first fund raised by the CCMP team subsequent to its split from JPMorgan Chase and came in slightly below the original $ 3.5 billion target that CCMP set for the fundraising. In February 2014, CCMP sold the pharmaceutical contract research organization Medpace to Cinven for around $ 900 million. In August 2016, CCMP Capital Advisors acquired Badger Sportswear, a Statesville, N.C.-based maker of team uniforms, performance athletic wear and fanwear. Prior to its spin out from JPMorgan Chase in 2006, JP Morgan Partners made investments in leveraged buyout , growth capital and venture capital transactions. Following

760-444: The first phase of which was completed in August 2018. In July 2022, Unite members at Red Funnel went on strike over pay, causing the company to have to run a reduced timetable. According to Red Funnel, this was the first strike at the firm since 1966. The strikes were suspended in August 2022 after the company proposed a new pay agreement. On 7 September 2023, Red Funnel announced the acquisition of Blue Funnel Ferries which operates

798-553: The global funds. Among the other notable spinouts from CCMP's predecessor, JPMorgan Partners was Linzor Capital Partners. Linzor, which focuses on private equity investments in Latin America, was founded in 2006 by Tim Purcell, Alfredo Irigoin and Carlos Ingham. In 2000, Tim Purcell and Alfredo Irigoin had founded J.P. Morgan Partners Latin America a leading investor in private equity transactions in Latin America. Prior to

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836-487: The group changed its name yet again to JP Morgan Partners . Over this time, the platform grew through its integration of the private equity organizations of Manufacturers Hanover , Chase Manhattan , Hambrecht & Quist , Robert Fleming & Co. , The Beacon Group and J.P. Morgan & Co. In 2004, JPMorgan Chase completed its acquisition of Bank One which had its own in house private equity investment group, One Equity Partners . One Equity, led by Dick Cashin

874-529: The merger of J.P. Morgan and Chase in 2000, Purcell had been responsible for J.P. Morgan Capital’s Latin American private equity portfolio from the mid-1990s. In Sep. 2013, CCMP bought PureGym , then in 2015 it bought LA Fitness , a PureGym rival. In Nov. 2017, CCMP Capital sold PureGym to Leonard Green & Partners . In Dec. 2018, CCMP Capital declined to comment when its portfolio company Badger had its products pulled from US colleges after its clothing

912-658: The most part, run on an hourly basis. Between Southampton and Cowes , Red Funnel run two High Speed ferries, roughly taking 28 minutes to cross the Solent. The peak frequency is roughly every 35 minutes. Between Southampton and Hythe , Red Funnel runs an hourly service, which is run by one passenger ferry, which is not yet in a Red Funnel livery. This service connects to the Hythe Pier . The first three vessels were built by Ferguson Shipbuilders of Port Glasgow , and entered service between 1994 and 1996. Between 2003 and 2005

950-848: The non-commute leg of a commuter bus service. In such cases, the main display signs on the front and curbside of the bus typically display a message such as “no pax” or “out of service” (sometimes abbreviated as “O/S”). In British railway parlance, passenger, as well as being the end user of a service, is also a categorisation of the type of rolling stock used. In the British case, there are several categories of passenger train , which include: [REDACTED] Media related to Passengers at Wikimedia Commons CCMP Capital CCMP has 37 employees with offices in New York , London , Hong Kong and Tokyo . In 2008, CCMP hired Greg Brenneman as chairman. CCMP has been known by several names over

988-401: The overall passenger load factor . These measurements can further be used to measure unit revenues and unit costs. In transportation, a "no pax" trip is a trip without passengers. For example, no-pax flights are Air cargo , ferry and positioning flights. Similarly, with a public transit bus it can be used at the beginning and end of a driver’s work shift to/from the bus terminal, or in

1026-483: The past two decades, founded as Chemical Venture Partners in 1984, to serve as the private equity and venture capital arm of Chemical Bank . Following Chemical's acquisition of Chase Manhattan Bank in 1996, Chemical adopted the Chase name and Chemical Venture Partners changed its name to Chase Capital Partners . Similarly, following the 2000 acquisition of J.P. Morgan & Co. and the formation of JPMorgan Chase ,

1064-523: The rest of Red Funnel's RO-RO ferry fleet. She entered service in May 2019. In July 2024, it was announced that Red Funnel would order a new, all electric, Artemis eFoiler hydrofoil boat, to run on the Red Jet route of Southampton to Cowes. The vessel would carry 150 passengers and be capable of charging in less than 60 minutes. It is scheduled to enter service by late 2025. Passenger A passenger

1102-744: The sale of a $ 925 million interest in JP Morgan Partners Global Fund to a consortium of secondary investors . The spinout of CCMP came at the same time as the spinouts of private equity groups from other leading investment banks including: Morgan Stanley ( Metalmark Capital ), Citigroup ( Court Square Capital Partners ), Deutsche Bank ( MidOcean Partners ) and Credit Suisse First Boston ( Avista Capital Partners , Diamond Castle Holdings ). In 2007, CCMP completed fundraising for its most recent fund, closing on $ 3.4 billion in commitments from institutional investors for CCMP Capital Investors II. CCMP Capital Investors II, represented

1140-578: The spinout, the investment professionals focused on venture capital transactions separated from the CCMP Capital team to form a new firm, Panorama Capital. Based in Menlo Park, California , Panorama continues to focus on early and expansion-stage opportunities in both the information technology and life sciences sectors. Panorama began raising its first independent fund in October 2005, with

1178-459: The summer. Red Jet 7 was built by Wight Shipyard in East Cowes. Red Jet 7 was lowered into the River Medina at East Cowes on 6 June 2018, and was christened during a launching ceremony on 24 July 2018. In February 2018, Red Funnel announced plans to introduce a new freight only ferry into the fleet, to coincide with the refurbishment of their facilities on both sides of the Solent. It

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1216-458: The vehicle by the distance traveled . On long-distance buses and trains (and some planes), passengers may board and disembark at intermediate stops, in which case RPMs/RPKs have to be calculated for each segment if a careful total is needed. Revenue passenger miles can be considered the basic amount of "production" that an airline creates. The revenue passenger miles can be compared to the available seat miles over an airline's system to determine

1254-419: Was adopted in 1935 when all the company's ships had black-topped red funnels, and later shortened to the current Red Funnel . The 1861 name remains the company's formal name. The company originally operated a paddle steamer ferry service between Cowes, Isle of Wight and Southampton . During its history the company has operated other routes connecting the Isle of Wight and the English mainland, together with

1292-425: Was being driven on company business. In most jurisdictions, laws have been enacted that dictate the legal obligations of the owner of a vehicle or vessel, or of the driver or pilot of the same, towards the passengers. With respect to passengers riding in cars and vans, the driver may owe a duty of care to passengers, particularly where the passenger's presence in the vehicle can be seen to "confer some benefit on

1330-537: Was built at the Cammell Laird shipyard in Birkenhead , and was designed to have similar dimensions to Red Funnel's Raptor-class fleet, allowing it to load and unload at the same linkspan used by the other ferries. Construction of the new ferry began on 31 May 2018 with a formal keel laying ceremony. During this event, the ship's name was announced to be Red Kestrel , placing its name in line with those of

1368-646: Was confirmed that Red Osprey would also receive a £2.2 million refurbishment. Like her sister ship, the Red Osprey was refitted and relaunched almost exactly a year later. After a delay of three years, the Red Eagle was refitted at the end of 2017. In 2016, Red Funnel took delivery of a new 40-metre high-speed catamaran constructed in East Cowes by Shemara Refit LLP . Named by the Princess Royal on 4 July 2016, Red Jet 6 entered service later in

1406-600: Was created to compete with the two established operators, and the threat posed caused the two older companies to merge. They subsequently acquired the assets of the Improved Steamboat Company in 1865. Formed in 1861, and called The Southampton Isle of Wight and South of England Royal Mail Steam Packet Company Limited , the merged company's name remains the longest for a registered company in the United Kingdom. The trading name Red Funnel Steamers

1444-521: Was ultimately designated as the lead private equity platform for JPMorgan Chase at which point JP Morgan Partners formalized plans to spin out of JPMorgan Chase. JP Morgan Partners announced the spinout in March 2005 and completed the separation from JPMorgan Chase effective July 31, 2006. The new firm adopted the CCMP acronym in reference to its predecessor entities (i.e., Chemical and Chase and JP Morgan Partners). In April 2006, JPMorgan Chase completed

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