FirstGroup mandates Rothschild to sell North American assets

16 December 2019 - 12:00 am UTC

UK-listed FirstGroup plc engaged Rothschild & Co. to sell its North American busing assets, said sources close to the situation.

The portfolio is comprised of student busing owners First Student and First Transit.

The business generated USD 560m in EBITDA over the trailing twelve months ended September 2019. This is split between USD 475m in EBITDA for First Student and USD 85m for First Transit, said a source close to the situation.

First Student is the market leader in the student busing market in North America with a 21% market share. First Transit is a private busing company with a 15% market share in North America.

Rothschild had been working with FirstGroup on multiple levels for a few months, including evaluating strategic alternatives for the company on a broader scale and also reviewing its North American assets.

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