Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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National Express (NEX)

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Tuesday 13 September, 2011

National Express

Acquisition

RNS Number : 1158O
National Express Group PLC
13 September 2011
 



 

 

 

 

 

National Express Group PLC

13 September 2011

 

National Express acquires Petermann Partners, Inc. for $200 million

 

Highlights

-      Acquisition of 5th largest provider of student transportation services in the US

-      Earnings accretive from the outset

-      Strengthens National Express' position in the US student transportation market, adding over 3,300 vehicles and thereby increasing fleet size by 20%

-      Petermann is the market leader in its home state, Ohio, and has operations across 10 states in the Midwest, West and Southwest

-      Transaction consideration of $200 million on a cash and debt free basis

-      Funded from existing credit facilities and cash

National Express Group PLC ("National Express" or the "Group") today announces that it has signed a definitive agreement to acquire Petermann Partners, Inc. ("Petermann") from Macquarie Global Opportunities Partners, L.P. ("MGOP") and Petermann management.  The acquisition will be made by a wholly-owned subsidiary of National Express for a cash consideration of $200 million, on a cash and debt free basis (with a working capital adjustment at closing).  The acquisition is expected to complete in Q4 2011, subject to receipt of the relevant regulatory approvals1.  The transaction is expected to result in the Group's Net Debt / EBITDA ratio increasing by 0.32. It is expected that the acquisition will be immediately earnings accretive.

Petermann is the 5th largest provider of student transportation in the US, with a presence in the paratransit market. Headquartered in Cincinnati, Ohio, Petermann is the market leader in its home state and has further operations across 10 states in the Midwest, West, and Southwest. Petermann operates out of 66 locations with 3,351 vehicles in its fleet. For the fiscal year ending 30 June 2011, Petermann generated revenue of $149.9 million, normalised EBITDA of $29.3 million, normalised operating profit of $13.5 million, and had gross assets at 30 June 2011 of $254.5 million3.

National Express has continued successfully to deliver on the strategy articulated at the Group's first half 2011 results.  Following the recovery in margins and the return to organic growth achieved by the Group, the acquisition of Petermann represents a targeted expansion by National Express in the structurally attractive US student transportation market.  Since its founding in 1999, Petermann has developed a strong track record of growth, driven by new contract wins and bolt-on acquisitions. Petermann's strategy is characterised by a focus on safety, operational excellence, customer service and employee satisfaction and, with its high quality, well-invested fleet, it represents an excellent fit with the Group's current student transportation business in the United States and Canada, and will enhance the broader Group.

Dean Finch, Group Chief Executive of National Express, said: "We are delighted to acquire such a high quality business in Petermann.  Our recent improved performance has enabled us to take advantage of this opportunity. It's a great strategic fit for our existing school bus business, complementing our current operations, introducing us to new states and giving us a foothold in the paratransit market.  This is an important step in delivering our strategy of growth in North America."

Pete Settle, President and CEO of Petermann, said: "We are pleased to have this opportunity to join the National Express Group.  Since its founding over 12 years ago, Petermann has grown to become one of the largest student transportation businesses in the US. The combination with National Express will provide us with an even greater opportunity to continue the strong growth in the business, and we look forward to working with Dean and his team."

 

There will be a conference call for investors and analysts at 10:00am on 13 September 2011. Details are available from Rebecca Mitchell at Maitland.

 

For further information, please contact:

National Express

0121 460 8657

Jez Maiden, Group Finance Director       


Stuart Morgan, Head of Investor Relations


Anthony Vigor   

07767 425 822



Maitland

020 7379 5151

Neil Bennett / George Hudson / Rebecca Mitchell


 

Notes:

1In the unlikely event that relevant regulatory approvals are not received, a break-fee would be payable by the Group in line with customary practice.

2On a pro forma basis for the 12 months ending 30 June 2011

3Normalised operating profit is defined as operating profit plus amortisation of $4.6m and exceptional deal and restructuring costs of $0.7m.  Normalised EBITDA is defined as normalised operating profit plus depreciation of $15.8m. The financial results for year ended 30 June 2011 are unaudited.

National Express currently has 16,475 buses at 175 locations serving the North American student transportation business.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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