Case Study

Project KIQ


Our client, Roxborough Bus Lines ("Roxborough" or the "Company"), is a family-owned and operated school and chartered bus services business headquartered in Eastern Ontario. Since its establishment in 1959, Roxborough has grown to approximately 900 employees and 850 buses.

In 2021, Welch Capital Partners ("WCP") acted as the exclusive M&A advisor for Roxborough in its acquisition of another leading school and chartered bus operator, 417 Bus Line. With this sizable acquisition and market growth, Roxborough was approached to sell and engaged WCP again to support the Company through its sale process to another large Ontario-based operator.


Roxborough came to us with a non-binding Letter of Intent ("LOI") from the potential buyer. Having led several M&A processes in the past, Roxborough recognized that they required significant sell-side support in order to navigate the tight timelines, the due diligence process, and negotiate key terms of the purchase agreement. Our familiarity with the Company and our strong relationship with its shareholders allowed us to integrate seamlessly in such a brief period of time and shoulder a significant portion of the responsibilities from management.

Shortly after joining the process, our focus immediately shifted to the Quality of Earnings ("QoE") and due diligence preparation. This involved analyzing all internal files and developing key financial and legal schedules that would be reviewed by the buyer’s third-party accountants, legal counsel, and consultants. In addition to managing the due diligence, WCP assisted Roxborough in acquiring the assets of a small Ontario-based operator, which occurred simultaneously with its ongoing sales process. Supporting the Owners and their team of advisors on the share purchase agreement, disclosure schedules, working capital, rolled equity, and distribution analysis ensured the deal closed successfully.


In all engagements, we strive to develop a strong relationship with our clients, which was a key reason for our success in this transaction. We relied heavily on our industry experience from our previous engagement with Roxborough to drive the process forward efficiently. Our knowledge of the business allowed us to handle a significant portion of the questions and requests from the buyer’s third-party consultants and advisors, which in turn allowed Roxborough to maintain focus on its customers and employees. Welch Capital Partners was able to guide our client through due diligence, final negotiations, and ultimately closing the transaction.


“We’ve had the pleasure of working with WCP on both a buy-side and now sell-side transaction. Without having their expertise and support we would have struggled to get this deal completed. In many cases you only have one chance in life to sell your company and the WCP team helped guide us through the ups and downs of getting through the due diligence, strategic planning, next steps in the process and overall kept us calm and focused on the end goal. 

WCP were such a big part of our largest acquisition that transformed our company to the next level that we’re aiming for and then to help us complete this life-changing sale we couldn’t have done it without them. 

I’m forever grateful to Candace, Muaz and Cody for all their help.”  Nick McRae, President, Roxborough Bus Lines, 417 Bus Lines

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