Date: Wednesday 02 May 2012
Transport group National Express has completed the acquisition of Petermann Partners, which operates the fifth largest provider of student transportation services in the US.
National Express, which on Tuesday reported good overall revenue growth in the first quarter, paid $200m for the firm.
Petermann is the market leader in its home state, Ohio, and has operations across 10 states in the Midwest, West and Southwest, National Express said back in September 2011 when the purchase was first announced.
The acquisition will be earnings accretive from the outset and is expected to strengthen National Express's position in the US student transportation market, adding over 3,300 vehicles, increasing the fleet size by 20%.and increases the company's fleet size by 20%.
The acquisition was funded from existing credit facilities and cash.
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