Atlantic Express Transportation Group Announces Recapitalization by Greenwich Street Capital Partners.
STATEN ISLAND Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. , N.Y.--(BUSINESS WIRE)--Nov. 5, 1998--Atlantic Express Transportation Group Inc. and Greenwich Street Capital Partners Inc. completed a transaction allowing an affiliate of Greenwich Street to acquire a majority of the common stock of AETG.
The founder of Atlantic Express Atlantic Express may refer to:
He is a professional mediator within the building industry in Melbourne. , will retain a sizeable stock position in AETG and shall remain chief executive officer and president of the company. Gatto said, "We are excited about having a large, diversified diversified (di·verˑ·s equity investor to sponsor Atlantic Express. Going forward, this transaction will provide us with more access to capital and equity markets and will enhance our plan to continue grow and take advantage of the dynamics of our industry."
"Greenwich Street is excited about the future growth prospects of Atlantic Express and the commitment of Domenic Gatto to continue to own an equity stake in the company," said Sanjay Patel, senior managing director of Greenwich Street. Patel added, "We did a rigorous study of AETG, its management style, reputation, proven track record, high customer retention, and business strategies. Domenic Gatto will continue to lead and grow the company, together with his senior management team, to make Atlantic our foundation to expand in the transportation sector."
Gatto said, "It will be business as usual. The management team of Atlantic Express will remain with the company and we will continue our strategy which has propelled us to become one of the largest providers of school bus transportation in the United States This article or section has multiple issues:
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* It may need to be to meet Wikipedia's quality standards. . With incentives in place for senior management, we are all excited and confident that we can increase the value of our company for our new investors and partners."
Atlantic Express is the third largest provider of school transportation in the country, operating a fleet of approximately 4,300 vehicles from 32 facilities across the nation. The company has 95 contracts with various school districts in New York List of school districts in New York State, USA.
The New York State Education Department (NYSED) divides the state into ten Joint Management Team (JMT) Regions. Each JMT contains one or more BOCES and each BOCES supports several school districts. , Missouri, California, Pennsylvania California is a borough in Washington County, Pennsylvania, along the Monongahela River. The population was 5,274 at the 2000 census. It includes the campus of California University of Pennsylvania. , Connecticut and New Jersey. In addition to school bus transportation operations, the company is also one of the largest providers of municipal paratransit service having contracts with various transit authorities of New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Pennsylvania, New Jersey, Kentucky and Colorado. The company also operates fixed route bus service, charter line runs, express commuter service, pre-kindergarten and medicaid transportation and bus sales, leasing and service. For fiscal year 1998, the company generated revenues of approximately $262 million. Revenues for fiscal year 1999 are projected to be approximately $300 million.
Greenwich Street Capital Partners is a New York based private equity firm managing an investment fund with approximately one billion dollars.