Direct Capital completes its sale of GoBus
GoBus Secures New Investment to Continue Expansion
Direct Capital, through its Direct Capital III and Pohutukawa funds, today announced that it had completed the sale of its shareholding in GoBus Holdings Limited, New Zealand’s third largest public transport operator, as part of a recapitalization plan to continue the company’s impressive growth.
Based in Hamilton, and with operations throughout the country, GoBus was established in 2003 as an amalgamation of four local family-owned bus companies. Direct Capital and GoBus management acquired the company in 2007 and invested significant capital in expanding the company’s urban and rural operations. Today GoBus operates urban transport services in Hamilton, Tauranga, Hawkes Bay and Christchurch, together with school transport services on behalf of the Ministry of Education, and charter services, nationwide.
Since 2007, the Company has more than doubled its fleet of vehicles and now operates one of the youngest School and Urban bus fleets in New Zealand. The company has also grown its employment significantly and now employs more than 950 staff.
With further significant growth opportunities ahead likely to require additional capital the company undertook a review of its ownership. As a result, Next Capital completed an offer to acquire the shares in the business with GoBus management and directors also increasing their investment in the company.
While the terms of the sale remain confidential the investment has been successful for Direct Capital and its investors.
Tony Batterton, Director, Direct Capital +64 21 645-481
Calum Haslop, Managing Director, GoBus +64 21 221-1112
About Direct Capital
Direct Capital was established in 1994 to invest into privately-owned companies, alongside owners and managers to fund expansion and succession initiatives. Its currently active funds, Direct Capital III and Direct Capital IV, have invested in 18 companies which in aggregate generate more than $1.2 billion in annual revenues and employ more than 4,500 staff.
Current and past investments include: Hiway Group, PF Olsen, Scales Corporation, Cavalier Wool Holdings, Bayley Corporation, Transaction Services, Fishpond, New Zealand King Salmon, Rodd & Gunn, GoBus, Shears & Mac, Innovair, Triton Hearing Clinics, Stratex Group, Max Fashions, New Zealand Pharmaceuticals, Express Logistics, EziBuy, Ryman Healthcare, Nobilo Wines, Airwork, EFTPOS NZ, Tasman Building Products, and PC Direct.