Student Transportation Announces Acquisition in Wellington County
TORONTO (Sept. 7, 2007) – Student Transportation of Canada (“STC”), an operating
subsidiary of Student Transportation of America (“STA”), announced that it has entered into an agreement to acquire the Elliott Coach Lines group of companies, a local school bus operator based in Guelph, Ontario. Elliott Coach Lines (“Elliott”) will add more than 230 vehicles, Cdn $12 million in annualized revenue and three locations to STC's Ontario operations. Closing is expected to occur before close of business September 6, 2007.
“This is a great acquisition and increases our Canadian dollar operating cash flows as well as adds to our regional density outside the greater Toronto area. It also strengthens our position for future growth in Ontario and beyond,” said Denis J. Gallagher, Chairman and Chief Executive Officer of STC. “We are very pleased that the Elliott companies, after 50 years of quality service, have partnered with STC and we look forward to continuing the tradition of service excellence they have been providing in the Wellington County area. With the start of the new school season underway, we are pleased to have such a fine operation fit so well with our dedicated group of drivers,” added Mr. Gallagher.
