CDC BUYS SYD­NEY’S FOR­EST COACHLINES

ABC (Australia) - - NEWS -

COMFORTDELGRO Cor­po­ra­tion Lim­ited (CDC) has – pend­ing reg­u­la­tory ap­proval – in­creased its stakes in the lu­cra­tive Aus­tralian pub­lic trans­port and bus op­er­a­tor sec­tors with a A$110 mil­lion ac­qui­si­tion of FCL Hold­ings Pty Lim­ited - which runs For­est Coach Lines in North­ern Syd­ney and re­gional New South Wales, it’s re­ported. It has also ac­quired de­pot land and bus as­sets to­talling A$24.45 mil­lion sep­a­rately as part of an ag­gres­sive ex­pan­sion plan.

The A$110 mil­lion ac­qui­si­tion of FCL Hold­ings Pty Lim­ited, which runs For­est Coach Lines - Syd­ney’s old­est pri­vately run fam­ily bus and coach op­er­a­tor, con­trib­utes to the group’s sec­ond big­gest in­vest­ment in Aus­tralia, be­hind only the 2008 pur­chase of the Kef­ford Group for A$149.2 mil­lion, it’s stated.

The group will also be ac­quir­ing two free­hold de­pot sites – the Ter­rey Hills De­pot and the Toormina De­pot – at a to­tal cost of A$15.45 mil­lion for the op­er­a­tion of the bus ser­vices, ac­cord­ing to CDC.

YES­TER­YEAR

Founded in 1930, FCL runs a fleet of 220 buses spread over eight de­pots. It op­er­ates Re­gion 14 con­tract bus ser­vices in Met­ro­pol­i­tan NSW, and other bus ser­vices in re­gional NSW.

In a sep­a­rate trans­ac­tion, CDC pur­chased the bus and coach as­sets of Coastal Liner Coaches, which op­er­ates route bus ser­vices in outer Syd­ney Met­ro­pol­i­tan Bus Ser­vice Re­gion 11 for A$9 mil­lion.

The ac­qui­si­tions mark CDC’s third and fourth this year in Aus­tralia. In April 2018, it an­nounced a A$30 mil­lion ac­qui­si­tion of Na­tional Pa­tient Trans­port Pty Ltd, as well as an A$32.2 mil­lion pur­chase of Tul­la­ma­rine Bus Lines Pty Ltd (TBL) in Vic­to­ria.

Sin­ga­pore-based CDC is one of the world’s largest trans­port com­pa­nies with a fleet of over 42,700 ve­hi­cles. It en­tered Aus­tralia in 2005.

Man­ag­ing di­rec­tor/group CEO, Yang Ban Seng, said: “Aus­tralia has been a key in­vest­ment tar­get for the group given its trans­par­ent and stable reg­u­la­tory en­vi­ron­ment, strong growth prospects and prox­im­ity to Sin­ga­pore. With this ac­qui­si­tion, we now add on new foot­prints to our NSW op­er­a­tions.”

Above: Sin­ga­pore­based CDC has snared Syd­ney’s iconic For­est Coachlines for A$110 mil­lion.

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