CINCINNATI – First Student, the leading provider of essential student transportation to school districts in North America, today announced that it has signed a purchase agreement to acquire Total Transportation Corp. (TTC), a leading provider of general and special education student transportation, paratransit, and charter services throughout New York City, Upstate New York and Philadelphia.
Founded in 1979 and headquartered in Brooklyn, New York, TTC has a 40-year history of delivering safe, reliable, and efficient home-to-school transportation to more than 100,000 students in the New York metro area. The company operates 15 locations and a fleet of nearly 3,200 buses in urban and suburban markets across the tri-state area.
The acquisition of TTC represents a major milestone in First Student’s growth by expanding First Student’s geographic reach and service offerings in the Northeast.
“Total Transportation Corp. has more than 40 years of experience providing safe, reliable and high-quality service to the communities they serve,” said First Student Chief Executive Officer and President John Kenning. “They have a deep understanding of the level of care required to meet their passengers’ needs. We are proud to welcome TTC employees to our team. Working together, we can strengthen our commitment to provide the best possible bus-riding experience for school districts, organizations and families.”
“By joining forces with First Student, we can build on our shared mission,” said TTC Chief Executive Officer Agostino Vona. “Like TTC, First Student also invests heavily in driver training, equipment and technology to provide safe, comfortable and dependable transportation. We are excited to combine our expertise and resources to serve our passengers and customers better, and to lead the transition to electric school buses in support of customer and State objectives in New York.”
Crosby Cook, partner at EQT Partners, said: “The acquisition of TTC enables First Student to enter a structurally attractive market in NYC with unique operational complexity, which TTC’s seasoned management team has demonstrated a strong track record of successfully navigating over several decades. The combined organization offers unmatched national scale, resources, and capabilities that it will leverage to invest in next-generation technologies and fleet electrification initiatives to further its agenda of future-proofing the company and contributing to a cleaner, healthier, and safer environment.”
The acquisition is subject to customary regulatory approvals and is expected to be completed by the end of summer.
RBC and Barclays served as financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to First Student. Raymond James served as financial advisor and Schwartz Sladkus Reich Greenberg Atlas LLP served as legal counsel to TTC.
About Total Transportation Corp.
Total Transportation Corp. (TTC) is a fast-growing transportation company operating nearly 3,200 vehicles in New York, New Jersey and Pennsylvania. Performing over 75,000 ADA trips per month and transporting approximately 100,000 school students per day, TTC and its management team have a broad range of experience in operating and managing transportation services. TTC’s reputation in the industry of being a reliable and well-managed company has allowed them to complete start-ups quickly and smoothly as well as foster cohesive and collaborative relationships with their various municipalities. TTC’s management team and staff are committed to providing distinctive and tailored services to address the individual needs and requirements of their clients. UHY LLP provided TTC financial advisory and due diligence support for this transaction.
About EQT
EQT is a purpose-driven global investment organization with more than EUR 73 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
