DENVER, March 05, 2024 (GLOBE NEWSWIRE) — EverDriven Technologies, an alternative student transportation platform, announced today that it has been acquired by Charlesbank Capital Partners, a middle-market private investment firm with offices in Boston and New York. The Company had been owned by affiliates of Palladium Equity Partners, LLC. Terms of the transaction were not disclosed.
EverDriven is a leader in alternative student transportation for school districts, using technology and logistics expertise to solve special transportation needs for children. The Company provides transportation for 28,000 students annually, primarily children qualifying under the McKinney-Vento Homeless Assistance Act and Special Education programs. EverDriven partners with nearly 700 school districts across 29 states, helping families safely get their loved ones to and from school. For more information, visit www.everdriven.com.
Under Palladium’s ownership, EverDriven recruited a talented management team and board of directors to grow the business into a nationwide platform. Partnering with long-time operating executives Dean Holland and Rafael Ortiz, Palladium helped invest in the development of sophisticated proprietary routing technology, the building of a scalable operating system and the creation of robust safety standards, including a first-of-its-kind driver education course for alternative transportation drivers.
“We are grateful for Palladium’s partnership and support, and are energized by the opportunities ahead,” said Mitch Bowling, CEO of EverDriven. “Charlesbank’s strategic acquisition of EverDriven will help us continue investing in our pioneering technology and services. We have a very passionate team and a company that exists to help get students to and from school, safely, every day, and we are thrilled at the prospect of being able to do that for more students across the country through this new partnership with Charlesbank.”
“EverDriven represents an entrepreneurial and mission-driven company, with a proven track record of applying tech-enabled solutions to address the complex challenges of alternative student transportation,” said Pedro Vaz, a Managing Director at Charlesbank.
“The Company has an unwavering focus on safety and trust, and a deep commitment to exceptional customer service that is at the heart of its success,” added Ryan Carroll, another Charlesbank Managing Director. “We look forward to helping this terrific team continue to serve students across the country as they excel and grow their offerings to new schools and districts.”
Alex Funk, a Partner at Palladium, said, “We are extremely proud of the results achieved at EverDriven and are grateful to the entire team for their partnership. We are excited to see the organization continue to build upon its position as the leading provider of invaluable transportation solutions to students with unique needs.”
Marcos A. Rodriguez, Chairman and Chief Executive Officer of Palladium, said, “EverDriven serves as an excellent example of how Palladium accelerates value creation and drives businesses to the next level. Over the past four years, EverDriven has tripled in size as a trusted partner to school districts nationwide, serving families who are among the country’s most vulnerable.”
Palladium, which focuses on transforming family and founder-owned businesses, especially companies serving the rapidly growing U.S. Hispanic market, acquired EverDriven (formerly ALC Schools) in 2020 from its founders.
Harris Williams & Co. served as financial advisor to EverDriven on the transaction. Houlihan Lokey served as advisor to the Board of Directors of EverDriven. Greenberg Traurig, LLP served as legal advisor to the Company. William Blair acted as financial advisor to Charlesbank, with Ropes & Gray LLP serving as legal advisor.
About EverDriven Technologies
EverDriven is the leader in alternative student transportation for school districts nationwide. With nearly 700 school district contracts and over 28,000 students served last year alone, EverDriven has established itself as a nationwide leader in safety and technology-enabled alternative student transportation. Leveraging its proprietary Smart Routing Technology and custom-tailored services, the company has been instrumental in addressing driver shortages, accommodating varying bell times, and serving unique student needs related to the McKinney-Vento Homeless Assistance Act, special needs, ESSA, hard-to-serve trips, and out-of-district placements. For more information, visit everdriven.com.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm with more than $17 billion of capital raised since inception. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
About Palladium Equity Partners
Since its founding in 1997, Palladium has invested in more than 210 companies (40 platforms and more than 170 add-ons). With over $3 billion in AUM, the firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital and strategic guidance. The partners of the firm have meaningful experience in consumer, services, industrials, and healthcare businesses, with a focus on companies they believe will benefit from the growth in the U.S. Hispanic population. For more information, visit www.palladiumequity.com.
