As reported in the April issue of School Transportation News magazine, private equity firms are heavily investing in school transportation because of the essential nature of the service provided to students nationwide. The latest example came to light last month, when Charlesbank Capital Partners acquired alternative transportation company EverDriven Technologies.
Financial terms were not disclosed.
EverDriven, which was rebranded from ALC Schools in 2022, provides transportation for about 28,000 students annually, primarily those protected under the McKinney-Vento Homeless Assistance Act and the Individuals with Disabilities Education Act. The company partners with nearly 700 school districts across 29 states.
“The acquisition is the right next step for EverDriven as we continue to grow, expand, and evolve in the alternative student transportation space,” said EverDriven CEO Mitch Bowling. “Charlesbank is completely aligned with our mission and this change in ownership will ultimately, enable us to continue to fulfill that mission of helping more students safely gain access to the education they deserve.”
Pedro Vaz, managing director at Charlesbank, said EverDriven has a “proven track record of applying tech-enabled solutions to address the complex challenges of alternative students.”
Bowling said he sees an enormous opportunity with Charlesbank. “Together, we’ll continue to make industry leading technology, and safety, advancements in the Alternative Student Transportation space,” he added.
Bowling also announced a new feature enhancement to parent app EverDriven VIP. In addition to parents and guardians managing their child’s transportation and tracking the ride, school staff will also be able to meet the driver at the sidewalk upon arrival, see driver information and estimated time of arrivals, further promoting safety during pick-ups and drop-offs.
“Developing innovative solutions, like this, based on the needs of districts, schools and families is what we do best, and we are thrilled to have Charlesbank by our side as we continue to revolutionize the industry,” Bowling commented.
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EverDriven is not new to the world of private equity. Affiliates of Palladium Equity Partners, which says its focuses on transforming family and founder-owned businesses, acquired the company from its founders in 2020. Palladium .
During its partnership with Palladium, EverDriven recruited a management team and board of directors to grow the business. Bowling added it also refined and improved its proprietary routing technology, optimized its operations, upgraded district and driver platforms and mobile apps, as well as enhanced its “industry leading” safety measures including the first of its kind driver education course for alternative student transportation drivers.
“EverDriven serves as an excellent example of how Palladium accelerates value creation and drives businesses to the next level,” said Marcos A. Rodriguez, chairman and chief executive officer of Palladium. “Over the past four years, EverDriven has tripled in size as a trusted partner to school districts nationwide, serving families who are among the country’s most vulnerable.”
