Stagecoach Group PLC agreed to sell 18 Coach USA operating companies in south central and western states to a newly formed affiliate of Kohlberg & Co. LLC for $155 million.
Completion of the transaction, which is subject to regulatory approval, will mean Stagecoach has achieved two-thirds of its planned sales of Coach USA units.
The Coach USA companies being sold brought in revenues of $215.9 million for the year ending April 30.
The western region included operations in California, Colorado, Nevada, Arizona, Wyoming and North Dakota, running 1,153 vehicles and employing 2,200 people.
South central operations included Texas, Tennessee, Arkansas and Louisiana, running some 400 vehicles and employing more than 800 people.
Kohlber & Co. LLC is a private merchant banking firm with offices in New York and California.