Investor Group acquires Student Transportation Inc for US$1,071M

CANADA - An investor group, comprised of Caisse de dépôt et placement du Québec, Ullico Inc. and other investors, agreed to acquire the entire share capital of Student Transportation Inc., a Barrie-based provider of school and employee bus transportation services, for CAD 9.509 (USD 7.5) in cash per share, or a total CAD 903.228 mil (USD 712.381 mil), via scheme of arrangement.

The purpose of the transaction was for the investor group to take advantage of the sound investment opportunity.

Date Announced: 02/27/2018 
Deal Status (as of publication date): Pending
Deal Value (mil): $1,071

ACQUIRER ADVISORS*
BMO Capital Markets (Financial Advisor)
Debevoise & Plimpton LLP (Legal Advisor, US)
Torys LLP (Legal Advisor, Canada)

TARGET ADVISORS*
Scotiabank (Financial Advisor)
Goodmans LLP (Legal Advisor)

Student Transportation Inc., located in Barrie, Ontario, provides school bus transportation services. It offers home-to-school busing, special needs transportation and extracurricular and charter trips for school and other groups. Included in home-to-school busing is the transportation of students with special needs, or special education transportation. Special education transportation requires the transportation of students to destinations outside their home district and usually is performed with smaller monitored vehicles. It also provides charter services for athletic events, field trips, summer camp routes and other non-school related charter services. It currently provides school bus transportation services in eleven states: California, Connecticut, Maine, New Hampshire, New Jersey, New York, Oklahoma, Oregon, Pennsylvania, Texas and Vermont. The Company was founded in 1997.

Caisse de dépôt et placement du Québec is a Canada-based financial institution that manages funds for public and private pension and insurance plans. The Company operates as institutional fund managers of real estate assets in Canada and North America. Its products include short-term investment, bonds, long-term bonds, real estate debt, real return bonds, infrastructure, real estate, Canadian equity, global equity, Quebec equity, EAFE equity, emerging markets equity, hedge funds, asset allocation and ABTN. It provides investment consulting services to all depositors. It serves approximately 25 depositors, including public and private pension and insurance funds in Quebec.
Private Equity

Ullico Inc. is a specialty insurance and investments holding company serving the union workplace and its subsidiaries. The activities of the Company cover a range of insurance and financial products and services provided principally to labor unions, their members and employers of union members, including life and health insurance, property and casualty insurance, investment advisory services, asset management and mortgage banking and servicing activities. The Company's subsidiary Ullico Casualty Group, Inc. is the risk solutions provider for labor and offers professional liability to protect multiemployer and public benefit funds, unions and joint apprenticeship training committees (JATCs). Its subsidiary, The Union Labor Life Insurance Company provides union members and their families the insurance protection. It offers products and services designed for institutional investors, through its subsidiaries Ullico Investment Advisors, Inc. (UIA) and Ullico Investment Company, Inc.

*List of advisors are those known at press time.