Northborne Partners

Minneapolis, MN – December 12, 2024 – Northborne Partners is pleased to announce that it served as the exclusive financial advisor to Minnesota Coaches and its affiliates (the “Company”), a family of student transportation businesses based in Hastings, Minnesota, in connection with its announced growth capital investment from Tiger Infrastructure Partners (“Tiger Infrastructure”). Financial terms were not disclosed.

Founded in 1959, Minnesota Coaches is a leading independent provider of student transportation and motorcoach services that has been owned and operated by the Regan family and partners for more than 65 years. The Company has grown organically and through eleven acquisitions under the Regan family’s leadership and serves thousands of students daily across 36 public school districts and charter and private schools in Minnesota and Wisconsin. Today, the Company has more than 1,350 employees and owns more than 1,000 school buses and other vehicles, which operate from its network of 20 terminals across the region. As part of this transaction, Tiger Infrastructure will be partnering with the Company to consolidate the ownership structure and provide growth capital to enable Minnesota Coaches to continue its remarkable journey.

“We are excited to partner with Tiger Infrastructure to continue to grow Minnesota Coaches with the same focus on reliability and safety that has served us so well in the past,” said Pat Regan, CEO of Minnesota Coaches and son of the Company’s founder. “We were attracted to Tiger Infrastructure’s growth-orientated investment strategy and the team’s strong track record helping asset- and capex-intensive businesses like ours to scale. The ability to keep our management teams and owners involved long-term was also a priority.” Regarding Northborne’s involvement, Pat Regan added, “The Northborne team was a trusted partner in helping us navigate this complex transaction. Their deep knowledge of the student transportation sector and depth of relationships with the global infrastructure fund community were instrumental in helping us achieve this great outcome.”

Ben Marks, Managing Director at Northborne commented, “Student transportation remains a highly sought after vertical within the North American infrastructure landscape, providing critical, asset-protected and contracted services to school district partners. It was a privilege to work with the Minnesota Coaches team on this important transaction and to find the right partner that will support continued growth of the business.”

Fredrikson & Byron P.A. served as legal advisor to Minnesota Coaches.

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It specializes in advising private-equity-owned and closely-held businesses on complex sell-side transactions. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit northborne.com.

About Minnesota Coaches

Minnesota Coaches is a leading independent provider of student transportation and motorcoach services. The Company serves thousands of students daily across 36 public school districts and charter and private schools in Minnesota and Wisconsin. The Company has more than 1,350 employees and owns more than 1,000 school buses and other vehicles, which operate from its network of 20 terminals across the region. For more information, please visit https://www.minnesotacoaches.com/.

About Tiger Infrastructure Partners

Tiger Infrastructure Partners is an innovative private equity firm focused on providing transformational growth capital to middle market infrastructure companies. Tiger Infrastructure’s value-add approach targets growth investments across the Digital Infrastructure, Energy Transition and Transportation sectors in North America and Europe, where Tiger Infrastructure believes strong tailwinds are driving demand for new infrastructure. Tiger Infrastructure maintains offices in New York and London. For more information, please visit https://www.tigerinfrastructure.com/.