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I Squared Capital Acquires National Express School (NEXS) to Support Growth in North America

By: STN

LISLE, Ill. and MIAMI, Flo. – Mobico Group has announced that it has reached an agreement for the sale of its School Bus division, National Express School (NEXS) to I Squared Capital, a specialist global infrastructure investor. The acquisition, which is anticipated to close in the third quarter of this year, will involve all brands associated with NEXS, including Durham School Services, Petermann Bus, and Stock Transportation.

As one of the largest student transportation companies in North America, NEXS is a transportation leader with over 100+ years of experience in the industry with a renowned history of safe and reliable transportation service. With its high-visibility contracting model and sticky revenue streams, NEXS looks forward to embarking on a new chapter of growth in partnership with I Squared while retaining our market-leading safety record and brand heritage.

Tim Wertner, CEO of National Express School, said, “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. 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.”

Gautam Bhandari, Global Chief Investment Officer and Managing Partner at I Squared, said: “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. 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 rest assured each time their family member travels. We are proud to add this critical business to our portfolio and look forward to continuing to support its growth in North America.”

About National Express School

National Express School (NEXS) is the North American subsidiary of Mobico Group, one of the premier global mobility firms. We operate across 34 states and two provinces. Our organizations share a strong commitment to provide the highest level of safety, quality, outstanding customer service and positive employee relations. National Express School serves more than 400 school districts and contracts in 30 states and two provinces, and transports more than 1.2 million students on a daily basis.

About I Squared Capital

I Squared Capital is a leading global infrastructure investor managing over $40 billion in assets. We build and scale essential infrastructure businesses that deliver critical services to millions of people worldwide. Our 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. Headquartered in Miami, our team of over 300 professionals is based across offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

The post I Squared Capital Acquires National Express School (NEXS) to Support Growth in North America appeared first on School Transportation News.

Forest River Announces Evolution of Management Structure

By: STN

ELKHART, Ind. – Forest River, Inc. today announced that co-CEO David Wright will be retiring in April. Wright had led the Bus & Van division with dedication and leadership for 22 years, building it into the country’s leading manufacturer of buses and vans for both the private and public sectors, before assuming the role of co-CEO with Doug Gaeddert.

Wright’s decision to retire is deeply personal, following the recent passing of his longtime friend, mentor, and Forest River founder, Pete Liegl. Having executed the near-term transitional strategy, he determined the timing is right to step away from the day-to-day responsibilities.

“It has been the greatest honor of my career to be part of this incredible company and to
work alongside the most talented and selfless team in the industry,” said Wright. “Forest
River’s leadership remains exceptionally strong, with a deep bench of individuals who are
more than qualified to continue driving our success. The foundation we’ve built ensures that Forest River’s legacy will only grow stronger.”

Wright’s departure marks the next evolution for Forest River’s senior management team since the passing of Pete Liegl in November 2024. Updates include the following:

– Co-CEO Doug Gaeddert, who previously led the Recreational Vehicle division for
25+ years, assumes the role of sole CEO.

– Darrel Ritchie, who started with Forest River in 2002, continues in his role as Chief
Financial Officer.

– Douglas A. Wright, previously the General Manager, Bus & Van, moves to the role of
Group General Manager, reporting to Doug Gaeddert. Doug brings experience,
operational expertise and a tremendous familiarity with all aspects of the organization.

“I’m sad to see my good friend and uniquely gifted colleague David Wright retire, but I
certainly understand and respect his decision,” said Doug Gaeddert. “Working alongside Pete together like we did for all those years, and accomplishing so much in that time has been an incredible experience. I’m grateful for what David built, including the strong management team that he leaves in place.”

Forest River extends its deepest gratitude to David for his years of dedicated service and
contributions to the company’s success. While he will be greatly missed on a daily basis, his impact on Forest River’s culture and operations will endure for years to come.

About Forest River, Inc.
Founded in 1996 by Pete Liegl, Forest River, Inc. has evolved into North America’s largest
manufacturer of recreational vehicles, cargo trailers, pontoon boats, and commercial vehicles including buses, vans, and trucks. Its portfolio includes market share leaders in every category, and it is the country’s leading manufacturer of buses and vans for both the private and public sectors. Based in Elkhart, Indiana, Forest River employs 14,000+ employees in 100+ facilities in more than a half dozen states. With a commitment to excellence and a focus on customer satisfaction, Forest River is proud to be a Berkshire Hathaway company.

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