Atlantic Express Transportation Group Inc. Acquires T-NT Bus Service, Inc.
17 November 1999
Atlantic Express Transportation Group Inc. Acquires T-NT Bus Service, Inc.
STATEN ISLAND, N.Y.--Nov. 17, 1999--Atlantic Express Transportation Group Inc., announced today the acquisition of T-NT Bus Service, Inc. (T-NT), a provider of school bus transportation in northwestern New York.Domenic Gatto, CEO and president of Atlantic Express said, "Atlantic is well placed to continue to grow through strategic acquisitions nationwide. We plan to grow more not only in school transportation but also in the transit marketplace. T-NT is an excellent acquisition that will serve as a hub in providing Atlantic with valuable presence and greater ability to expand well in the northwestern New York area."
Norman Kirisits, a T-NT principal who shall remain as a consultant to T-NT said, "I am excited to become a part of Atlantic Express which has an excellent reputation for high standards. Now, we can grow T-NT more under a proven consolidator with a good track record."
A year ago, Greenwich Street Capital Partners (GSCP), an investment group based in New York with $1.5 billion of committed capital acquired a majority of the capital stock of Atlantic Express. Tom Inglesby, managing director of GSCP, said, "We are very pleased with the company's performance and we fully support Atlantic's growth. Since GSCP invested in Atlantic twelve months ago, Atlantic has realized an operating cashflow growth of about 30% and has increased its fleet size by about 35%. We are pleased with Domenic Gatto and his senior management team as they have driven the company vigorously. We are excited about the transportation industry and look to the future with more strategic acquisition opportunities."
Atlantic's recent acquisitions include the Fiore Group of Companies and McCarty Limousine Service, Inc., both in Massachusetts, Mountain Transit Inc. in Vermont and Winsale Inc. in New Jersey. It has also won major school bus and paratransit contracts this year in Chicago (IL), Long Beach (CA), Denver (CO), Phoenix (AZ), St. Louis (MO), Philadelphia (PA), Billerica (MA) and Jersey City (NJ).
Atlantic Express is the third largest provider of school transportation in the United States and is the largest American-based, American-owned school bus company. With this acquisition, Atlantic now operates more than 5,900 vehicles from coast to coast nationwide with revenues in excess of $375 million. It is also one of the largest providers of paratransit service and also provides transit services, coach and charter transportation, pre-kindergarten and Medicaid transportation, bus sales, bus leasing and service.
Information contained in this news release other than statements of historical fact are forward-looking statements subject to various risks and uncertainties. Although Atlantic believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove correct. Factors that could cause the Company's results to differ materially from the results in such forward-looking statements include reduction and/or changes in contract requirements of customers.
For additional information or for inquiries on joining the Atlantic Express Group, please contact:
Domenic Gatto, CEO/President - Telephone: (718) 442-7000 ext. 8060.
For inquiries regarding business development and acquisitions, please contact:
Noel Cabrera, Executive Vice President - Tel. (718) 442-7000 ext. 8073.