National Express Group PLC has announced the completion of two acquisitions in November.
The group said that the acquisitions, one in the US and the second in Spain, would enable further expansion in target markets.
The US acquisition is of a school bus and coach business with 204 vehicles based in Cincinnati, Ohio. National Express said the acquisition would strengthen its presence in Ohio, enabling it to grow the business further and improve its service offering to customers in Cincinnati.
In Spain, National Express has acquired a Madrid-based bus operator with 73 vehicles which provides staff transfers for a large local airline and national bank headquarters, an urban transport contract in Azuqueca, Guadalajara, and school bus services in Madrid.
The company said both businesses are expected to deliver returns in line with its guidance of 15-20%.
Asked by CBW for the names of the operators involved, a National Express spokesman said he was not able to disclose the names of the companies at this time.
On the group’s wider financial performance, a National Express spokesperson said: “We continued to see a good trading performance across all of our divisions during October and November, in line with the trends set out in our most recent Trading Update.
“We are encouraged by strong early Christmas trading in both our UK and Spanish coach businesses, with advanced sales higher than last year.”