Souter Investments has completed the sale of it’s second New Zealand urban bus operator, Howick and Eastern Buses, to Transdev the international mobility provider.
Howick and Eastern’s fleet of 145 buses operates urban bus services on behalf of Auckland Transport in addition to providing school bus and charter services.
The acquisition of Mana Coach Services and Howick and Eastern Buses by international mobility provider Transdev was announced in August 2019. Bancorp Corporate Finance acted as lead financial advisers for Souter Investments, Minter Ellison Rudd Watts as legal advisers and KPMG provided tax advice. Deloitte supplied vendor due diligence services.
Souter Investments acquired Howick and Eastern and Mana Coach Services in 2007 and 2008 respectively. During Souter Investments’ ownership, the businesses have fulfilled more than 95 million customer journeys and invested more than NZD $63 million in new vehicles.
Souter Investments retains ownership of Fullers360, which provides ferry and tourism services on Auckland Harbour and the Hauraki Gulf.
About Souter Investments
Souter Investments is one of the UK’s leading family investment offices specialising in private equity. Founded in 2006, Souter has invested in over 50 unquoted companies and currently has significant investments in approximately 25 businesses, acting either as the lead investor or as a co-investor with other financial sponsors.
Souter’s portfolio includes FinTech online and ecommerce interest-free-only credit provider, DivideBuy; Pet Network International, the leading pet supplies retailer in South East Europe; the national accident claims specialist Winn Solicitors; Global Risk Partners, the UK insurance intermediary group; and Coretrax, an independent wellbore clean-up and abandonment specialist to the oil & gas industry.
During 2019 Souter Investments also announced the sale of Alexander Dennis as well as a new investment in Eaton Gate, a managing general agent in the insurance sector.
For more information please visit www.souterinvestments.com.
For Souter Investments press enquiries please contact Gordon Beattie at Beattie Communications on 0800 612 9890.