MEDIA RELEASE
Today, Transit Systems has announced the £21.3 million acquisition of three strategic London-based bus depots from FirstGroup plc.
Operating as Tower Transit as part of the Transport for London network, the company will operate approximately 400 double and single deck buses from depots at Westbourne Park, Lea Interchange and Atlas Road, transitioning 1500 employees.
Tower Transit will also be the only operator of hydrogen powered buses in London.
The acquisition is subject to regulatory approval, including contractual obligations with Transport for London.
Transit Systems CEO Clint Feuerherdt said that the company has a proud history of successfully running transport operations across both private and public contracts in Australia.
“We are excited to start operating in London as part of the Transport for London network and build on our Australian success.
“We’ll be taking best practice from all of our operating contracts, working successfully with Government and private companies, to ensure the transition is smooth and our service to passengers and Transport for London exceeds expectations," he said.
The company has an exceptional reputation in the passenger transport provider industry, developing and delivering effective transport systems, procuring and operating leading marine vessels and overseeing delivery, maintenance and ongoing operations, with a dedicated focus on delivering sustainable transport solutions.
Transit Systems is party to metropolitan bus contracts in the Australian cities of Perth, Sydney and Adelaide, comprising approximately 1,000 buses and more than 2,000 employees.
Transit Systems is being advised on this transaction by Ernst & Young Corporate Finance and Eversheds LLP.
For more information, please visit –www.transitsystems.com.au
ENDS
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