Polaris to acquire and merge four Danish coach operators

The GP is deploying capital from Polaris IV Invest Fonden to acquire Egon's, Larsenbus, Papuga, and Papuga Bus.

Following the merger, 60% of Vikingbus will be owned by Polaris and the rest by the owner-managers of the four operators, who will remain responsible for the day-to-day management of the merged company.

The combined group will have a fleet of 450 buses and coaches, and 775 employees. These companies in 2019 generated DKK 800m, the equivalent of €107.5m in pro forma revenues.

The GP said in a statement that the idea of merging the four companies had gradually evolved among the four owner-managers, who also wanted to expand the group of owners to include a major, financially strong partner.

The companies aim to benefit from economies of scale in terms of procurement, shared IT and enterprise resource planning systems, and marketing and business development activities. The merger will entail more cost-efficient and sustainable operations through optimised route planning and avoiding running empty vehicles.

The new entity will be phased in gradually following approval of the merger by competition authorities.

Company
Founded in 1982 and headquartered in Slagelse, Egon's is a provider of bus and coach services in Denmark, including limited mobility and patient transport, special routes and school transport, and party and tourist transport. It employs 180 people.

Founded in 2006, Larsenbus is a bus and coach service provider in Denmark that employs 500 people and is headquartered in Hvidovre and Køge.

Founded in 1971, Papuga specialises in coach journeys to holiday destinations in Europe and events across Denmark. It employs 18 people at its branches in Kolding and Brørup.

Founded in 1964, Papuga Bus specialises in coach journeys to tourist destinations across Europe in addition to providing commercial transport in Denmark. The company employs 80 people and is headquartered in Vejle.

People
Polaris – Jan Johan Kühl (managing partner).
Larsenbus – Lars Larsen (CEO).
Egon's – Mogens Pedersen (CEO).
Papuga Bus – Peter Papuga (CEO).
Papuga – Carsten Papuga (CEO).

Advisers
Equity – PwC (corporate finance); DLA Piper (legal); Lundgrens (legal).  

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