Global private markets investment firm Northleaf Capital Partners acquired a majority interest in Uber Boat by Thames Clippers, a river boat service located in London, from AEG, a sports and live entertainment company.

Uber Boat by Thames Clippers, London’s fourth mode of transportation, is integrated into the Transport for London network with a shared ticketing system and a diverse ridership base. It operates a fleet of 21 purpose-built vessels, supported by pier network and dry-dock facilities and has a 20-year track record of organic growth through route and fleet expansion.

Northleaf’s acquisition brings new investment to support Uber Boat by Thames Clippers’ ambitious plans to deliver sustainable growth, enhanced infrastructure and greater economic development on and around the River Thames.

“Adding Uber Boat by Thames Clippers to our infrastructure portfolio provides our investors with additional stable cashflows and sub-sector diversification through a unique transportation business with a long and proven operational track record,” Roderick Gadsby, managing director at Northleaf, said.

“We look forward to partnering with Uber Boat by Thames Clippers to advance on robust and environmentally sustainable growth plans through fleet renewal and route expansion, furthering its leading market position within London’s public transit system.”

“AEG acquired a majority interest in Uber Boat by Thames Clippers in 2006 and has since supported the growth of the business, during which time the fleet has grown to over 20 vessels and added many new piers and routes,” Alex Hill, president and CEO at AEG Europe, said. “It has been an important part of the AEG family but when approached by Northleaf, we knew they would be the ideal partner for the next stage in Uber Boat by Thames Clippers’ growth strategy.”

The news follows the recent announcement that Uber Boat by Thames Clippers is building the UK’s first hybrid high speed passenger ferries, set to launch in autumn 2022.

The hybrid design will allow the new vessels to operate solely on battery power while transporting commuters and sightseers along its route on the River Thames. The vessels will recharge outside of central London using biofueled power.

“For over 20 years Uber Boat by Thames Clippers has been at the forefront of innovation in river transport; our new partnership with Northleaf ensures this continues for the long-term,” Sean Collins, co-founder and CEO Uber Boat by Thames Clippers, said. “I am looking forward to working with Northleaf to achieve our vision for the future.”