Terramont-led consortium buys Switzer-CARTY Transportation

An investor group led by Terramont Infrastructure Partners has acquired Switzer-CARTY Transportation, a Burlington, Ontario-based provider of student transportation services.

An investor group led by Terramont Infrastructure Partners has acquired Switzer-CARTY Transportation, a Burlington, Ontario-based provider of student transportation services. No financial terms were disclosed. Manulife Investment Management, an affiliate of Manufacturers Life Insurance Company, and Siemens Financial Services, an affiliate of Siemens, invested in the deal. Switzer-CARTY serves more than 96,000 students daily.

PRESS RELEASE

Terramont Infrastructure Partners Leads Investor Group for the Acquisition of Switzer-CARTY Transportation

Nov 17, 2021

TORONTO & NEW YORK — Terramont Infrastructure Partners (“Terramont”), a middle market focused North American infrastructure investment firm, has announced the acquisition of Switzer-CARTY Transportation (“Switzer-CARTY” or the “Company”), a leading student transportation company in Ontario. Manulife Investment Management, on behalf of The Manufacturers Life Insurance Company (“Manulife”), and Siemens Financial Services (“Siemens”), the financing arm of global technology company Siemens A.G. (the “Investor Group”) also participated in the transaction.

Switzer-CARTY, founded in 2011 by industry veterans Jim Switzer and Doug Carty, provides safe, reliable, and essential student transportation services in Canada. Headquartered in the Greater Toronto Area, the company services a diverse set of public school boards and private educational institutions. Led by co-founder and CEO Jim Switzer, Switzer-CARTY serves over 96,000 students daily. Mr. Switzer will continue as CEO and Mr. Carty will join the Board of Directors, with both remaining as shareholders of the company.

“Switzer-CARTY’s best-in-class service standard and relentless focus on its people and culture is unmatched,” said Michael Lehman and Vikram Singh, co-Managing Partners of Terramont Infrastructure Partners. “We are very proud to be working with Jim and Doug, both longstanding transportation industry executives, on the continued growth of the company. A core focus for Terramont is sustainable mobility and Switzer-CARTY is in a unique position to ultimately replace a large number of diesel buses with electric-powered vehicles. Together with Switzer-CARTY, we share a vision of reduced carbon emissions, decreased noise pollution and improved quality of life for the communities we serve. Switzer-CARTY has the opportunity to become the vanguard of sustainable student transportation in North America” Messrs. Lehman and Singh added.

“The Switzer-CARTY management team is excited to partner with Terramont and the Investor Group” said Jim Switzer, CEO, “Over the past two years, we have built a strong relationship with Terramont, and believe their investment and operational expertise, combined with an industry-leading management team at Switzer-CARTY, will provide an excellent opportunity and platform for growth for the years ahead”. Switzer added, “Switzer-CARTY remains committed to the highest levels of customer service, safety, and employee culture which have been key to our success and our outstanding reputation in the industry”.

“Jim and Doug have built Switzer-CARTY into a leading provider of reliable student transportation services in Canada with a focus on a more sustainable future,” said Daniel Neil, Director, Infrastructure Investments at Manulife Investment Management. “We are excited by the opportunity to work with the management team over the coming years and benefit from their knowledge sharing, operational expertise, and commitment to continuous improvement.”

Recep Kendircioglu, Head of Infrastructure Investments at Manulife Investment Management added “We look forward to supporting Switzer-CARTY through its next phase of growth, including electrification of its bus fleet consistent with our approach to investing over the long-term while integrating sustainability objectives.”

“Siemens is enthusiastic about this investment, and we are looking forward to playing a pivotal role in the electrification of Switzer-CARTY’s fleet of buses,” Iti Jain, V.P. Private Equity at Siemens Financial Services added. “In addition to developing innovative technologies, Siemens offers the much-needed capital and know-how to support the adoption of these technologies.”

About Switzer-CARTY

Switzer-CARTY was founded in 2011 by Jim Switzer and Doug Carty, two veteran transportation and school bus industry executives. The company provides scheduled and charter services to a diverse set of customers across Ontario. With quality of service and respect for the dignity of its employees central to its operations, Switzer-CARTY has earned a stellar reputation for delivering on-time service, keeping children safe, and treating employees and partners with respect.
For more information visit www.switzer-carty.com .

About Terramont

Terramont Infrastructure Partners is a North American, middle market focused infrastructure investment firm. The firm invests in best-in-class businesses, alongside top-quality management teams. Terramont is focused on companies that are critical to the economy, with every business making a positive, measurable sustainability impact. Focus sectors include renewable power, sustainable energy, transportation, digital, environmental and other infrastructure businesses. Terramont is based in New York and San Francisco.
For more information, please visit www.terramontinfra.com .

About Manulife Investment Management

Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 18 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We’re committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement.

As of September 30, 2021, Manulife Investment Management’s assets under management and administration, including assets managed for Manulife’s other segments, totaled CAD $1.1 trillion (US $835 billion). Not all offerings are available in all jurisdictions. For additional information, please visit www.manulifeim.com .

About Siemens Financial Services

Siemens Financial Services (SFS) – the financing arm of Siemens – provides business-to-business financial solutions. A unique combination of financial expertise, risk management and industry knowhow enable SFS to create tailored innovative financial solutions. With these, SFS facilitates growth, creates value, enhances competitiveness and helps customers access new technologies. SFS supports investments with equipment and technology financing and leasing, corporate lending, equity investments and project and structured financing. Trade and receivable financing solutions complete the SFS portfolio. With an international network, SFS is well adapted to country-specific legal requirements and able to provide financial solutions globally. Within Siemens, SFS is an expert adviser for financial risks. Siemens Financial Services has its global headquarters in Munich, Germany, and has approximately 2,900 employees worldwide. www.siemens.com/finance .