VLC was engaged to team with the transactions team GHD advisory to provide due diligence support regarding bus operations and operational KPIs to a private client (buy side) looking to acquire a bus operator.


Client Requirements

VLC was engaged by GHD as part of a broader team led by financial advisors Rothschild & Co. This work was to providing due diligence advice to private equity firm KKR regarding acquisition of Ritchies, one of New Zealand’s largest private bus operators.


Delivered Outcomes

Through this work, the team reviewed extensive data in an online ‘data room’ regarding Ritchies’ bus operations and performance on bus operational KPIs. The team Identified key risks and missing data, provided requests for additional information, and contributed to a broader due diligence report identifying any potential red flags and existing or proposed mitigation measures. Following completion of this work, KKR acquired Ritchies, an operator with over 1,600 vehicles and 42 depots across New Zealand.