US: EQT’s First Student to buy Total Transportation
Student transportation company First Student, which is backed by private equity firm EQT, is acquiring Total Transportation Corp (TTC), a provider of general and special education student transportation.
TTC provides student transportation, paratransit, and charter services throughout New York City, Upstate New York and Philadelphia. It operates nearly 3,200 vehicles, performing more than 75,000 trips a month compliant with the Americans with Disabilities Act and transporting approximately 100,000 school students per day.
UHY provided TTC with financial advisory and due diligence support for this transaction.
First Student president and chief executive John Kenning said: “Joining forces with TTC will create greater value for customers and employees. It will enable us to enhance our industry-leading service and commitment to provide the best start and finish to the school day for the school districts and families we serve.”
TTC’s chief executive Agostino Vona added: “First Student’s robust investments in cutting-edge technology, driver training, and fleet electrification will help our employees drive even more progress in our communities.”
EQT, via its division EQT Infrastructure, bought transportation businesses First Student and First Transit in 2021 from London-listed FirstGroup for an enterprise value of £3.3 billion. The firm deployed capital from its fund EQT Infrastructure V to finance the transaction.
In March 2022 EQT Infrastructure appointed investment bank Barclays to run the sale of First Transit, according to press reports.