First Student has agreed to acquire Apple Bus Company from Great Range Capital. No financial terms were disclosed. No financial terms were disclosed. BMO Capital Markets is acting as financial advisor to Apple Bus on the deal. Apple Bus is a provider of student transportation services.
MISSION WOODS, Kan., Feb. 24, 2022 /PRNewswire/ — Great Range Capital (GRC) has announced that Apple Bus Company (Apple Bus), one of its portfolio investments, has signed a purchase agreement to be acquired by First Student, Inc., a student transportation company headquartered in Cincinnati, Ohio, and backed by EQT Infrastructure, a private equity firm with global operations. BMO Capital Markets is acting as the exclusive financial advisor to Apple Bus in conjunction with the transaction.
Apple Bus, a best-in-class provider of student transportation services, joined GRC’s portfolio in early 2016. Since then, GRC has actively supported Apple Bus’s management team in expanding the company’s fleet and geographic footprint, more than doubling the size of the business throughout its period of ownership.
As a leading school transportation solutions provider in North America, First Student delivers reliable, quality services, including full-service transportation and management, special-needs transportation, route optimization and scheduling, maintenance and charter services.
“Apple Bus has seen remarkable growth over the past five years,” said Mike Oyster, Founder and President of the company, “but I’m proud to say we’ve never lost sight of what makes Apple Bus special—our proven commitment to safety and our go-the-extra-mile approach to customer service. In fact, thanks to our partnership with GRC and our shared vision, I know we’ve only gotten better at doing the things we care about the most.”
“Mike hasn’t just built an impressive company,” said Paul Maxwell, Managing Partner with GRC, “He’s built the kind of culture you want to be a part of and replicate elsewhere. We’re proud to have been able to partner with Mike and his team and have no doubt that the commitment to exceptional service to its customers will continue.”
The sale of Apple Bus is expected to be complete no later than this summer.
About Great Range Capital
Great Range Capital, a private equity firm based in greater Kansas City, primarily targets equity investments in Midwestern companies with revenues ranging from $20 to $150 million. Learn more at greatrangecapital.com.