Covington Advises Stagecoach on $271M Sale of North America Division

Covington Advises Stagecoach on $271M Sale of North America Division

December 19, 2018

NEW YORK—Covington advised Stagecoach Group plc in its agreement to sell its North America division to an affiliate of private equity firm, Variant Equity Advisors, LLC. This transaction reflects an enterprise value for Stagecoach's North America Division of $271.4 million.

Stagecoach’s North America Division operates bus and coach services. It provides megabus.com inter-city coach services, commuter services, airport transportation, sightseeing tours, charters and contract services across North America. It is one of the largest ground transportation operators in North America with around 4,500 employees and more than 2,000 buses and coaches.

Variant is a private equity firm that focuses on pursuing corporate divestitures and other operationally-intensive transactions.

The Covington corporate team included Peter Laveran, Jonas Marson, Gabriella Zahn-Bielski, and Clayton Collett.