Stagecoach completes sale of North American division

[wlm_nonmember]
News stories are free to read. Click here for full access to all the features, articles and archive from only £8.99.
[/wlm_nonmember]

Stagecoach has announced it has completed the sale of its North American arm to Variant Equity Advisors, LLC.

Founded as recently as 2017, Variant is based in Los Angeles and includes taxi app Curb Mobility in its investment portfolio.

Previously announced in December 2018, the $271.4m deal involves the transfer of Coach USA and Coach Canada operations from Stagecoach control.

Combined, the two coach divisions work with over 29 local carriers, employee more than 4,500 and operate around 2,200 vehicles.

The cash generated from the sale will be used to reduce Stagecoach Group’s debt.

“During our two decades in the North American transport market, our success included reinvigorating the inter-city coach sector and delivering growth with our innovative megabus.com brand,” said Stagecoach Chief Executive Martin Griffiths.

“We have a great team of people who have ensured we have played a leading role in the development of public transport in the United States and Canada.

“The sale of our North American operations will allow management to focus more closely on the significant opportunities for growth in the UK.

“We have strong bus and rail operations in the UK where public transport has good prospects as the clear solution to the challenges of increasing road congestion and poor air quality.”

 

You can read more news here: cbwmagazine.com/category/news