Peter Pan to acquire five Coach USA affiliates

Peter Pan Bus Lines announced today it has signed a purchase and sales agreement with Coach USA, the first step in Peter Pan's acquisition of Coach's five New England affiliates--Arrow Lines, Bonanza Lines, the Maine Line, Pawtuxet Valley Lines and Coach USA Boston. The sale will include all of the five companies' 255 buses and bring Peter Pan's fleet size to over 400 coaches. The sale is pending approval from the federal Surface Transportation Board and is expected to be completed sometime in February 2003. Peter Pan will also acquire Bonanza's bus terminals in Providence and Farmington, Conn., and it's major garage facility in Providence. Peter Pan will also pick up the current Coach USA leases on garage facilities in Massachusetts, Maine, Rhode Island and Connecticut.