In 2001 the company was sold to JP Morgan Partners by Associated British Ports Holdings, which had acquired 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 a deal valuing the business at more than £200m.