Access Holdings, an alternative asset manager specializing in lower middle-market investments, has announced the sale of its student transportation platform, American Student Transportation Partners (ASTP), to funds managed by CVC DIF.
Utilizing its proprietary, data-driven operating model, The Access Way, a subsidiary of Access Holdings, identified the student transportation sector as a compelling investment opportunity and set out to develop a modern, scalable business within this industry. The ASTP platform was established in 2021, following the acquisition of Krise Transportation, to collaborate with leading student transportation operators and address key industry challenges, including driver retention, recruitment, and aging vehicle fleets.
By deploying advanced technology, innovative service offerings, and data-driven decision-making processes, Access Holdings and ASTP enhanced operational efficiency. They demonstrated agility in responding to evolving market requirements and customer expectations. A notable initiative was the introduction of the H.E.R.O.E.S. program—a driver recruitment, retention, and engagement platform that integrates leadership development and incentives with contemporary media channels, such as a mobile podcast studio.
Through the application of Access Holdings’ digital expertise, ASTP expanded its operations from serving seven school districts with 435 vehicles in 2021 to servicing over 50 school districts with more than 2,300 vehicles across three states. This expansion represents a more than fivefold increase in fleet size and an approximately sevenfold growth in revenue since 2021.
Lincoln International, Miles & Stockbridge, and RSM provided counsel to Access on the transaction.
