PwC Advises Mobico Group Plc on the sale of Mortons Travel and Stewarts Coaches
PwC's Special Situations M&A team is pleased to announce that it has successfully advised Mobico Group Plc ("Mobico"), trading as National Express, on the disposal of two of its businesses: Mortons Travel to Rambler Group Holdings, and Stewarts Coaches to Coach Travel Group (“CTG”).
Mobico appointed PwC's Special Situations M&A team to assist with a strategic review of the National Express Transport Solutions business, a division within Mobico that includes a number of market-leading regional private hire coach brands and depots across the UK. The objective was to explore options for these businesses as part of Mobico’s ongoing strategic review.
The review ultimately led to the sale of these two private hire coach businesses. PwC provided comprehensive support throughout the process, assisting with the navigation of complex separation challenges, facilitating negotiations with third parties, and managing due diligence, culminating in the successful execution of both transactions.
The sale of Mortons to Rambler Holdings Group was finalised on 3rd September 2024, while the sale of Stewarts to CTG, a consortium of private hire coach operators backed by H2 Equity Partners, was completed on 24th December 2024.
These transactions are strategically significant for both Rambler and CTG, as they seek to further scale their operations. The divestitures also represent a critical step in Mobico's strategy to concentrate on its core business.
The PwC Lead Advisory team for these transactions was led by Rob Moran, Jack Tedcastle, Marcela Salgado Escalante, Simone Hakami, and Ryan Hyslop.
Neil Miles at National Express, said:
“We appreciate the support of the PwC team which acted as a key advisor and team member in supporting and delivering this successful outcome.”
Jack Tedcastle, Special Situations M&A Director, said:
“We are incredibly pleased to have worked with Mobico on these complex transactions. The carve-out process required a multidisciplinary approach, and our team was able to provide comprehensive support across various facets of the deal. This collaboration underscores our commitment to helping clients navigate intricate challenges and achieve their strategic objectives. We wish Mobico and the new owners the best of luck as they move forward, confident that these businesses will thrive and grow under new ownership.”
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Lead Advisory Partner, Special Situations M&A Leader, PwC United Kingdom
Tel: +44 (0)7725 706173
