Ontario-based student transportation company Switzer-CARTY this week announced it was acquired by an investor group that includes Terramont Infrastructure Partners, Manulife Investment Management, and Siemens Financial Services.
The company, founded in 2011 by Jim Switzer and Doug Carty, provides school transportation for more than 96,000 students each day.
After the acquisition, Switzer continues as chief executive officer, Carty joins the board of directors, and both remain shareholders in the company.
“Switzer-CARTY’s best-in-class service standard and relentless focus on its people and culture is unmatched,” said Michael Lehman and Vikram Singh, co-managing partners of Terramont Infrastructure Partners, in a news release. “We are very proud to be working with Jim and Doug, both longstanding transportation industry executives, on the continued growth of the company.”
Terramont is focused on sustainable mobility, the release stated, and Switzer-CARTY is positioned to replace a large number of diesel buses with electric-powered vehicles.
“Together with Switzer-CARTY, we share a vision of reduced carbon emissions, decreased noise pollution, and improved quality of life for the communities we serve,” Lehman and Singh said.
Switzer said that his management team is excited to partner with Terramont and the investor group.
“Over the past two years, we have built a strong relationship with Terramont, and believe their investment and operational expertise, combined with an industry-leading management team at Switzer-CARTY, will provide an excellent opportunity and platform for growth for the years ahead,” Switzer said.
Daniel Neil, director of infrastructure investments at Manulife Investment Management, thinks his group will benefit from the knowledge and operational expertise of the Switzer-CARTY team.
“Jim and Doug have built Switzer-CARTY into a leading provider of reliable student transportation services in Canada with a focus on a more sustainable future,” Neil said.
Iti Jain, vice president of private equity at Siemens Financial Services, shared optimism about the acquisition.
“Siemens is enthusiastic about this investment, and we are looking forward to playing a pivotal role in the electrification of Switzer-CARTY’s fleet of buses,” Jain said. “In addition to developing innovative technologies, Siemens offers the much-needed capital and know-how to support the adoption of these technologies.”