The family investment vehicle of Stagecoach Group co-founder Sir Brian Souter is to sell two bus businesses in New Zealand for an undisclosed sum.
The agreement to sell Howick and Eastern Buses and Mana Coach Services to France’s Transdev is the fourth major disposal by Edinburgh-based Souter Investments since May following the sales of Scottish bus builder Alexander Dennis, investment administration firm Mobius Life and perfume brand Clive Christian.
Howick and Eastern Buses has a fleet of 145 vehicles and operates 23 routes on behalf of Auckland Transport. Mana’s fleet of 66 buses operates services on behalf of the Greater Wellington Regional Council. Both companies also provide school bus and charter services. The transaction is subject to regulatory approval.
Souter Investments acquired Mana Coach Services in 2007 and added Howick and Eastern Buses a year later. It said that during its ownership it had invested heavily in new vehicles and the businesses has handled 95 million customer journeys.
