In acting for the shareholders of the Redwing Travel group, in its sale to Addison Lee plc, Pace Equity has further consolidated its position as a leading advisor on transactions within the coach and bus sector. Pace Equity also acted on behalf of the shareholders of South Wales based coach and bus operator Bebb Travel plc, in its sale to French Group Veolia, part of the world’s largest ground transportation group.
The sale of Redwing brought about its own challenges; being the biggest player in the market it needed a different approach to find the right sort of acquirer. In Addison Lee plc we saw an aggressive, successful business who were able to appreciate the acquisition benefits we highlighted to them, including; the cross selling potential between the customer bases and the importance to Addison Lee of acquiring a business as highly regarded in its market as they are in theirs.
The success of this transaction was in no small way down to Pace Equity’s philosophy of being pro-active corporate transaction advisors. From the outset we talked to the key players in the sector; researched other businesses that might look at diversification and canvassed our considerable contacts within the VC community. Indeed we solicited bids from each of these areas but in the end the Addison Lee acquisition offered our client the best balance of value, cultural fit, the assurance that the brand he had built from scratch over three decades would continue to flourish and the confidence that his loyal team of employees would be in safe hands.