Lippert Grows School Transportation Reach with Acquisition of Freedman Seating

By: Taylor Ekbatani

1 May 2025 at 19:34

Not quite a month after Lippert Components acquired Trans/Air Manufacturing, the company announced it is adding Freedman Seating Company to its school transportation portfolio.

Lippert, a subsidiary of LCI Industries, announced Tuesday it acquired all the business assets of Freedman, an Illinois-based manufacturer of transportation seating solutions. The terms of the deal were not disclosed at this report.

Freedman has been a family-owned company since 1884, providing a variety of seating solutions to the bus, rail, marine, delivery truck, specialty and commercial vehicle markets. Following the acquisition, a press release states the seating operations will continue out of Chicago for the foreseeable future.

Dan Cohen, president of Freedman, told School Transportation News that over the years, many companies have expressed interest in acquiring Freedman Seating.

“We’ve always listened, but we’ve been very deliberate about saying no when it didn’t feel like the right fit,” he said. “It was never just about selling the business. It was about finding a partner who shares our business values, who respects the culture we’ve built and who sees the same potential in our people and products. After thoughtful conversations and a lot of due diligence, we’re excited we’ve found that partner in Lippert. This acquisition gives us the opportunity to build on our legacy, expand our reach and invest even more in our team.”

Cohen said Lippert shares many of the same principles that have guided Freedman for generations. These principles include a focus on quality, long-term growth and putting people first. Lippert is also a family-owned business dating to 1959.

“Under their umbrella, we’ll have greater resources to pursue new markets, improve customer experience and develop new products, all while continuing to invest in the incredible people that made this possible,” he continued.

Cohen noted that for the most part, Freedman will do business as usual. There will be title changes due to the corporate structure, but the entire management team is staying on with Lippert.

“Customers should expect to receive the same great quality and service they have for over 130 years with new benefits coming from our being part of a larger organization with greater resources,” Cohen added.

Meanwhile, Ryan Smith, group president of Lippert’s North American OEM operations, said in a press release that Freedman is a welcome addition to the Lippert family.

“Between the two companies, we have almost 200 years combined of family leadership and there’s not too many organizations that can claim that,” he continued. “We’re excited to add Freedman’s seating line to our growing portfolio of bus and transportation vehicle products and with our combined leadership teams we will be able to offer a better-than-ever customer experience to our partners in these industries.”

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Infrastructure Investor I Squared to Acquire National Express School Bus Contractors

School Transportation News

By: Ryan Gray

25 April 2025 at 17:41

I Squared Capital has reached an agreement to purchase all National Express School divisions and assets from the UK’s Mobico Group for $608 million U.S., including over 14,000 school buses operated by Durham School Services, Petermann and Stock Transportation.

The deal was announced Friday but had been expected by industry insiders for nearly 18 months. I Squared said it expects to finalize the acquisition of the Durham, Petermann Transportation and Stock brands by the end of its third quarter, or Sept. 30.

“We expect to continue business as usual under our current operating brands,” a National Express spokesperson told School Transportation News, adding the transition should be seamless for school district customers. “We will continue to deliver the high-quality, safe and reliable service that we’ve provided for more than 100 years.”

Mobico Group, formerly known as National Express Group and based in Birmingham, England, had been looking to sell its North American school bus division to reduce debt. At the same time, I Squared Capital, a global infrastructure investment company, was seeking entrance into the school bus industry and announced its intent to do so in October 2023, “to address the long-term challenges which the pandemic created for school bus.”

I Squared noted that National Express has made “significant operational improvements, primarily improving driver retention and recruitment, route reinstatement, and improved contract pricing.

“The business has also improved fleet allocation which has led to better asset utilization, cash flow and customer satisfaction. All of these culminated in school bus delivering a net positive route outcome for the current school year bid season, the first in over a decade,” the company stated in a transaction summary. “However, whilst school bus has demonstrated its recovery from the pandemic’s effects, it continues to require significant maintenance and growth capital investment and has experienced persistent market challenges such as driver wage inflation and, more recently, potential fleet cost inflation from new tariffs.”

Tim Wertner is expected to continue serving as CEO of National Express. He said the school bus contractor has focused on recovering lost routes, securing new contracts, recruiting and retaining drivers, and delivering price rises above inflation since he joined the company in 2023.

“This transfer of ownership will allow us to stand on a much stronger financial foundation for a wider spectrum of new opportunities and growth to benefit our stakeholders, valued partners and prospects, as well as reinforce our position as a transportation leader and flourish to even greater heights,” he said in a statement Friday. “With I Squared Capital’s strong reputation and support of our company, we firmly believe they will be an outstanding steward for us, and we look forward to furthering our footprint in the student transportation industry together.”

I Squared manages over $40 billion in assets that build and scale infrastructure businesses that deliver critical services to millions of people worldwide. The company’s portfolio includes over 90 companies operating in more than 70 countries and spanning sectors such as energy, utilities, digital infrastructure, transport, environmental and social infrastructure.

“School transportation is more than just a daily commute. It’s a vital link to education, which underpins a functioning society regardless of the economic cycle,” commented Gautam Bhandari, the global chief investment officer and managing partner at I Squared. “As infrastructure specialists, I Squared has specific expertise in providing vital public services, including public transport. Our investment will provide the capital needed to upgrade equipment and maintain safe, efficient transportation for children using this essential service so parents can [be] rest assured each time their family member travels.”

Mobico had operated Durham in the U.S. since the former National Express Group purchased the school bus contractor in August 1999, a year after acquiring Crabtree-Harmon that mostly operated in the Midwest. The company followed in 2000 with the purchase of School Services & Leasing, which at the time was the second-largest school bus contractor in the U.S. Two years later, it acquired Stock Transportation in Canada and in 2018 purchased Petermann in the U.S.

The post Infrastructure Investor I Squared to Acquire National Express School Bus Contractors appeared first on School Transportation News.

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