Montagu Private Equity beat a field of trade and financial buyers to acquire the Isle of Man Steam Packet Company, which runs ferries from the UK mainland to the Isle of Man, for £142m (€202m).

The buy-out firm bought the company from Sea Containers, the listed transportation group, after winning an auction run by SG Corporate and Investment Banking. Sources close to the deal said Montagu Private Equity's bid was the highest of a close field. Sea Containers, which has been selling businesses to pay off debt, said it made a capital gain of $100m (€89m) on the disposal.