Chief Executive of ICG Eamonn Rothwell Leads €1.2bn Buyout Bid

26th July 2026

Jehan Ashmore

Company observers of ICG before the bid noted the market had not fully rewarded the group for opportunistic moves it took by chasing duty-free sales with the setting up of the key UK-France short-sea route of Dover-Calais after Brexit. Above the link’s larger cruise ferry, Oscar Wilde runs alongside the Isle of Inishmore. Credit: Irish Ferries-facebook

The chief executive of the Irish Continental Group (ICG), Eamonn Rothwell, is leading a €1.2 billion management buyout bid for the ferries group.

The move comes almost two decades after making a failed attempt to buy the maritime transport business, with the buyout being backed by a unit of US investment giant BlackRock.

Rothwell, the 71-year-old chief executive, owns 21.7 percent of the business together with other senior managers, who in turn hold a further 2 percent of the stock and have bid €8 a share for the Dublin-listed ICG. This represents a 28 percent premium to Friday’s closing price.

Independent members of the ICG board, advised by the investment bank, PJT Partners (UK) Limited, intend to recommend the offer to shareholders, said the Group in a stock exchange announcement also issued on Friday evening.

The bid for the owner of Irish Ferries with a route network linking the UK and France and between these countries is being funded by €455 million of preferred equity, which the management buyout (MBO) team would issue to BlackRock’s Global Infrastructure Partners (GIP) subsidiary. While BNP Paribas Banco Santander have arranged €798 million in loans for those bidding, with Goodbody Stockbrokers advising interested bidders.

Further coverage reports The Irish Times on the development.

Published in Irish Ferries

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About The Author

Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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