Following a lengthy sales process, Sydney private coach charter company North Sydney Bus Charters has officially been sold to electric bus company TrueGreen.
The Australian Financial Review confirmed the sale earlier in August, with TrueGreen acquiring the charter company for around $100 million.
TrueGreen owns zero-emissions bus companies such as Foton Mobility, Gemilang Australia, Nexport and GoZero in Australia and is expecting to make more acquisition this year.
North Sydney Bus Charters was owned by Sydney businessman and former tennis player and coach Scott Riley, with the purchase now signalling the start of the broad electrification of buses in and around Sydney.
The AFR says PKF Corporate ran the sales process, helping present North Sydney Bus Charters and its 225 luxury and standard coaches and mini-coaches.
The company was started in 2002 when Riley decided to use coaches to run school kids to and from tennis centres.
Now, TrueGreen has capitalised on the sale as it considers listing itself on the ASX.