Subject to Government approvals Forest Coach Lines, owned by the Royle family for 85 years, have sold a majority interest to private equity firm Next Capital.
Current Joint Managing Director of Forest Coach Lines, David Royle, will continue in the role of CEO and will remain a significant minority shareholder of Forest. Mr Royle said: “We welcome Next Capital’s investment in Forest Coach Lines, which is their first investment in the public transport sector in Australia.”
Mr Royle is delighted to be able to keep the family name and generations of experience as an integral part of the management and ownership of Forest Coach Lines. Mr Royle commented that “Forest Coach Lines’ reputation for high quality customer service delivery, high patronage growth and efficient operations combined with the significant experience that Next Capital has in the bus sector in New Zealand will strategically position Forest Coach Lines for significant organic and market growth opportunities that become available in the coming years.”