Variant Equity completed the acquisition of Coach USA Administration, Inc. and its subsidiaries from Stagecoach Group plc in a transaction valued at approximately $271.4 million.
Headquartered in Paramus, N.J., Coach USA is a provider of passenger transportation and mobility services, including intercity bus, public transit, employee transportation, campus shuttle, and airport transportation services. The company operates through a number of marquee brands, including megabus.com, which provides intercity coach services. With over 4,500 employees and 2,200 buses, Coach USA has an extensive reach throughout the U.S. and Canada.
"With a history that dates back to 1922, Coach USA has been a consistent leader in the passenger transportation industry," said Variant Equity Managing Partner Farhaad Wadia. "The combination of Coach USA's unwavering commitment to providing safe and reliable transportation and Variant's focus on providing corporate carve-outs with the technological, operational, and financial resources required to accelerate innovation and growth, will allow the company and its management team to unlock their full potential."
Coach USA will be led by CEO Linda Burtwistle, who previously served as the company's president and COO.
Wadia said the Coach USA acquisition reflects Variant Equity's focus on middle-market corporate divestitures and marks the firm's third corporate carve-out in the last 18 months.