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Great Range Capital Announces Sale of Apple Bus Company

MISSION WOODS, Kan, — Great Range Capital (GRC) has announced that
Apple Bus Company (Apple Bus), one of its portfolio investments, has signed a purchase
agreement to be acquired by First Student, Inc., a student transportation company
headquartered in Cincinnati, Ohio, and backed by EQT Infrastructure, a private equity
firm with global operations. BMO Capital Markets is acting as the exclusive financial
advisor to Apple Bus in conjunction with the transaction.

Apple Bus, a best-in-class provider of student transportation services, joined GRC’s
portfolio in early 2016. Since then, GRC has actively supported Apple Bus’s management
team in expanding the company’s fleet and geographic footprint, more than doubling
the size of the business throughout its period of ownership.

As a leading school transportation solutions provider in North America, First Student
delivers reliable, quality services, including full-service transportation and management,
special-needs transportation, route optimization and scheduling, maintenance and
charter services.

“Apple Bus has seen remarkable growth over the past five years,” said Mike Oyster,
Founder and President of the company, “but I’m proud to say we’ve never lost sight of
what makes Apple Bus special—our proven commitment to safety and our go-the-extramile approach to customer service. In fact, thanks to our partnership with GRC and our
shared vision, I know we’ve only gotten better at doing the things we care about the

“Mike hasn’t just built an impressive company,” said Paul Maxwell, Managing Partner
with GRC, “He’s built the kind of culture you want to be a part of and replicate
elsewhere. We’re proud to have been able to partner with Mike and his team and have
no doubt that the commitment to exceptional service to its customers will continue.”
The sale of Apple Bus is expected to be complete no later than this summer.

About Great Range Capital:
Great Range Capital, a private equity firm based in greater Kansas City, primarily targets
equity investments in Midwestern companies with revenues ranging from $20 to $150
million. Learn more at

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