EverDriven Technologies (an alternative student transportation platform) announced that it has been acquired by Charlesbank Capital Partners, a middle-market private investment firm with offices based out of Boston and New York. And the company had been owned by affiliates of Palladium Equity Partners, LLC. The terms of the deal were undisclosed.
EverDriven is a leader in alternative student transportation for school districts and the company uses technology and logistics expertise to solve special transportation needs for children. And EverDriven offers transportation for 28,000 students annually, primarily children qualifying under the McKinney-Vento Homeless Assistance Act and Special Education programs. EverDriven works with nearly 700 school districts across 29 states, helping families safely get their loved ones to and from school.
While under Palladium’s ownership, EverDriven recruited a talented management team and board of directors for growing the business into a nationwide platform. And 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.
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 deal. Houlihan Lokey served as advisor to the Board of Directors of EverDriven and Greenberg Traurig served as legal advisor to the Company. William Blair acted as financial advisor to Charlesbank, with Ropes & Gray serving as legal advisor.
KEY QUOTES:
“We are grateful for Palladium’s partnership and support, and are energized by the opportunities ahead. 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.”
– Mitch Bowling, CEO of EverDriven
“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.”
– Pedro Vaz, a Managing Director at Charlesbank
“(EverDriven) has an unwavering focus on safety and trust, and a deep commitment to exceptional customer service that is at the heart of its success. 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.”
– Ryan Carroll, another Charlesbank Managing Director
“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.”
– Alex Funk, a Partner at Palladium
“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.”
– Marcos A. Rodriguez, Chairman and Chief Executive Officer of Palladium
