FIRST TRANSIT SIGNS DEFINITIVE AGREEMENT TO BE ACQUIRED BY TRANSDEV NORTH AMERICA
Cincinnati, Ohio – October 26, 2022 – First Transit Topco Inc. (together with its subsidiaries, the “Company” or “First Transit”), a provider of passenger transportation and vehicle maintenance services, today announced that it has signed a definitive agreement to be acquired by Transdev North America Inc., a provider of public transportation and mobility services and the North American subsidiary of Transdev Group S.A.
Founded in 1955 and headquartered in Cincinnati, Ohio, First Transit transports 300 million passengers annually across approximately 300 locations in North America. The Company’s services include essential mobility solutions for communities, college campuses, businesses, and elderly care facilities, which are economical, safe, and environmentally friendly. First Transit, along with school transportation solutions provider First Student, was acquired by EQT Infrastructure in July 2021 from UK publicly listed company FirstGroup plc. First Student is not a party to today’s announced transaction.
“Over the last few years, First Transit has continued its track record of growth, creating value for our investors, passengers, partners, and employees,” said First Transit CEO Brad Thomas. “As we embark on this new chapter with Transdev North America, we thank our partners at EQT for investing in us and our mission. We are excited about the future and look forward to what is ahead.”
During EQT Infrastructure’s ownership, significant investments have been made in First Transit, bolstering the company’s organization, operations, and digital technology platform. These initiatives have further improved and differentiated the Company’s service offerings.
Transdev is a complementary company as an operator and global integrator of mobility of multiple modes of transportation, with nearly 82,000 employees in 18 countries. The company focuses on empowering freedom to move everyday thanks to safe, reliable and innovative solutions that serve the common good.
The transaction is subject to customary closing conditions and approvals and is expected to close early in 2023. Financial terms of the transaction were not disclosed.
Barclays Capital Inc. served as lead financial advisor to EQT Infrastructure and First Transit in connection with the transaction and Simpson Thacher & Bartlett LLP served as legal counsel. BMO Capital Markets Corp. also served as financial advisors to EQT Infrastructure and First Transit in connection with the transaction.
About First Transit
First Transit, Inc. has more than 60 years of experience and is one of the largest private-sector providers of mobility solutions in North America, moving more than 300 million passengers annually. First Transit, Inc. provides operation, management, and consulting for more than 300 locations in 41 states, four Canadian provinces, and Puerto Rico for transit authorities, state departments of transportation, municipalities, universities, airports and private companies. First Transit employs more than 20,000 dedicated transit and maintenance professionals, has 12,000 vehicles (owned and operated) and maintains an additional 36,500 vehicles and pieces of equipment through its dedicated maintenance division; in total, maintaining or operating some 240 Zero Emission Vehicles (ZEV), with another 70 on order. For additional information, please visit FirstTransit.com.
EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management as of 30 June 2022, across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.