sector within private equity, many infrastructure firms specifically target stable assets like power plants, toll roads, bridges, and airports. These are referred to as “core” assets. The common thread is that these assets are very stable, with long-term contracts, and they provide an essential service that is core to the U.S. economy. The school bus industry shares many of the same characteristics: Very stable business model: School bus demand does not vary based on how the economy is performing. Kids go to school regardless. Long-term contracts: Contracts in the school bus
industry are typically three to five years in length but are often renewed multiple times; at Beacon Mobility we have a contract in New York that we have operated for 98 years. (From an investor perspective this signals stability; for me, it means I have two years to plan a centennial celebration!) Essential/core service: With an estimated two-thirds
of families having both parents working, school buses provide the ability for children to get to school, while reducing traffic congestion as fewer vehicles are on the road. Our economy would not function without school buses to take our kids to school.
Also, over the long term, the school bus industry is
uniquely positioned to help lead our economy’s tran- sition to clean energy. With one of the nation’s largest fleets and public sector interest in electric and other alternative fuel vehicles, these investment firms want to help that transition happen sooner. As the school bus industry looks to change over the
next few years with additional investment in technology and a transition to greener fuel sources, like electricity, we welcome – in fact require – the additional invest- ment these investment firms provide. It will enable us to address the many changes that are needed to make the industry more environmentally friendly and more technologically advanced. All of this does not change our underlying goal as an
industry to transport kids to school safely and on time. The additional investment just confirms what we have all known for many years … school buses are essential! ●
Judith Crawford is CEO of student transportation operator Beacon Mobility. Previously, she was CEO of National Express Transit and prior to that was CFO of National Express U.S.
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