WALL, N.J. – Student Transportation Inc. (TSX: STB) announced today it has completed the acquisition of the Wilkerson Transportation Company, Inc (“Wilkerson”) based in Morristown NJ. The transaction and closing was contingent upon meeting certain conditions and receiving various consents and renewals, which have been obtained. Management expects the deal to be immediately accretive to shareholders of its common stock.
Wilkerson is the company’s 36th acquisition since inception and will add annualized revenues of US$3.0 million. The Company utilized availability under its senior credit facility to fund the acquisition.
“This acquisition marks our second this fiscal year in the Northern New Jersey area. It tucks into one of our existing operations which came with the recent Jordan Transportation acquisition we completed in September. Our growth initiative in this area of New Jersey is a testament to the team we have in place who know the market very well. We continue to see additional opportunities to expand our services through further acquisitions and conversions,” said Michael J. Kennedy, Chief Operating Officer of Student Transportation’s Atlantic Region.
“We welcome the Wilkerson employees into our family of companies and we have plans in place for a smooth integration.”
Sun Mergers & Acquisitions, based in Hasbrouck Heights, NJ acted as sole financial advisor for Wilkerson.
About Student Transportation Inc.
Founded in 1997, Student Transportation Inc. is North America’s third-largest and fastest-growing provider of school bus transportation services, operating more than 6,300 vehicles. Student Transportation Inc. family of local companies delivers safe, reliable and cost-effective transportation solutions to school districts throughout the U.S. and Canada. Services are delivered by drivers, dispatchers, maintenance technicians, terminal managers and others who are caring members of their local communities. For more information, please visit www.rideSTA.com.
About Sun Mergers & Acquisitions
Sun, in conjunction with its affiliate, Sun Business Valuations, is a full-service professional business intermediary firm specializing in handling all aspects of the confidential sale, merger, acquisition and valuation of privately held middle-market companies, along with exit strategy planning and transaction consulting. For more information, please visit www.sunmerger.com.
