Anyone seen this?
http://www.myfirstbus.co.uk/
I take it some of the people in the market dont thing much of First
Little confused as to why a Private Equity Group would come in. In some way, the problem (debt) is also the reason why many incl. vulture capitalists won't come in.
As for the actual assets, wonder how much is actually there in terms of realisable benefit? Some property, but the vehicle assets book value (against what they might be able to realise on a sale and leaseback) might be a tad iffy. That is, there isn't that much to hollow out, and PEs usually look to make their money back in 2 years or so. That isn't to say that someone might not have a sniff but ironically, the debt represents both a problem and a defence!
I believe the Assets of First out way the amount of debt the company has. SO if PEG could acquire first on the cheap and sell off the assets for a decent price which would possible.
http://news.bbc.co.uk/1/hi/business/6345627.stm the price it was brought is equal to the amount of Debt first has.
Below is what is in the portfolio, and I would bet that selling of everything would pay of the debt, cost of the takeover and a nice return.
United Kingdom Bus
First Aberdeen
First Berkshire & The Thames Valley
First Bristol
First Cymru
First Devon & Cornwall
First Eastern Counties
Ipswich Rapid Transit
First Edinburgh
First Essex
First Glasgow
First Greater Manchester
First Pennine (part of First Greater Manchester)
First Hampshire & Dorset
First Leeds
First Leicester
First London
First Midland Red Buses Limited (sometimes referred to as First Wyvern)
First Potteries (operating in Staffordshire and South Cheshire, formerly First PMT/PMT Ltd)
First South Yorkshire
First West Yorkshire
First Bradford (part of First West Yorkshire)
First Calderdale & Huddersfield (part of First West Yorkshire)
First Leeds (part of First West Yorkshire)
First York
First Rail Support provide emergency and planned rail replacement transport to train operating companies using First and non First Transport through its 24 hour control room in Simonstone, Lancashire..
Greyhound UK coach services between Cardiff, Swansea, Newport, Bristol and Bristol Airport
Ireland
Aircoach
First Northern Ireland
Canada
First Student (school, charter bus and public transit services)
Greyhound Canada (intercity bus services)
Grey Goose Bus Lines
Vancouver Island Coach Lines
Voyageur Colonial Bus Lines
United States
First Transit (bus and rapid transit)
First Student (school bus services)
Greyhound (intercity bus services)
BoltBus (a discount operator competing with Megabus, 50% joint venture with Peter Pan Bus Lines)
Rail services
United Kingdom Trains
First Great Western Class 43 and First GBRf Class 66 at Taunton
First Capital Connect
First Great Western
First Hull Trains (80% shareholding)
First TransPennine Express joint venture with Keolis (55% shareholding)
Heathrow Connect joint venture with BAA Limited
ScotRail
Croydon Tramlink
Denmark & Sweden
DSBFirst joint venture with Danish State Railways (30% shareholding)
