BARRIE, Ontario — Student Transportation Inc. (STI) has been awarded several new contracts to provide pupil transportation beginning in the upcoming school year.
The long-term agreements cover operations in Southern California, New Jersey, Rhode Island and northern Ontario in Canada. The contract wins in Rhode Island were awarded subsequent to the recent acquisition of Ocean State Transit. The New Jersey, California and Ontario contract wins are "tuck-ins" to existing regional operations.
Officials said the contracts will add about 250 vehicles to the company’s fleet and $13 million of annualized revenues. They added that all of the contracts increase the regional density of existing and new markets the company entered as part of its acquisition and growth strategy.
STI Chief Operating Officer Patrick Vaughan said that with these contract wins and the company’s contract renewals, the company is poised for a solid year in fiscal 2012.
“We have several more bids to consider and many opportunities in the pipeline. Recently, interest in the conversion of school district-owned operations is increasing, and we are pleased to have the opportunity to partner with these districts through their request for proposal process," Vaughan added. "We look forward to serving our new customers and getting involved in the local communities, which contributes to our success."
The company also reported that three recently completed acquisitions in New York, New Jersey and Rhode Island are already fully integrated into the regional structure of the company's operating subsidiary in the U.S.