If you run fixed route service, paratransit, or a microtransit contract and you are thinking about a sale, you have two paths. List with a broker and wait for the right buyer to find the listing, or talk directly to a buyer who already understands transit operations.
TMA95 is a direct buyer of transit and paratransit companies. We are not a broker. We do not list your company on a marketplace, and we do not send your financials to a list of strangers. You talk to one buyer, under NDA, and you control what gets shared and when.
We buy across four modes: transit and paratransit, school bus, airport and corporate shuttle, and non-emergency medical transportation (NEMT). This page covers transit and paratransit. If most of your revenue comes from ADA demand-response work, see our paratransit page for detail specific to that model.
Why Transit Operators Sell Direct
A broker listing puts your company in front of anyone who signs up on a marketplace site. That includes competitors, curious drivers, and people who were never serious buyers. Once a listing goes live, word travels. Drivers hear about it. Agency contacts hear about it. None of that helps you get a fair outcome.
A direct sale skips the listing step entirely. As a direct buyer, not a broker, we sign an NDA before any financials change hands. There is no public listing, no sign-up sheet, and no fee or commission owed by you. Your inquiry goes to a principal, not a call center, and it stays confidential from the first message.
Transit companies carry value that a general listing site cannot capture. Contract renewal history, on-time performance, and dispatch discipline do not fit into a listing summary. A buyer who has never run transit service tends to discount what they do not understand. That is the real cost of a public process for a business like yours.
Fixed Route and Municipal Contract Operations
Fixed route work runs on agency relationships as much as it runs on schedules. A transit authority contract that renews cleanly, a strong on-time record, and low driver turnover say more about your company's value than last year's revenue line alone.
Here is what we ask about early:
Agency contracts. Who are your contracting agencies, and how long have you held each contract? A history of renewals with stable or improving terms tells a buyer the relationship holds up under review.
Renewal history. Has pricing been renegotiated under pressure, or has your agency renewed on schedule without a fight? Renewal history is one of the clearest signals of contract durability we look at.
Service reliability metrics. On-time performance, missed trip rates, and any penalties assessed by the agency all factor into how we read the operation. Clean metrics move a conversation faster.
Revenue concentration. How much of your revenue sits with a single agency? A diversified contract base is worth more than one large contract that could end with a single bid cycle.
Paratransit and ADA Demand-Response Operations
Paratransit and ADA demand-response work is its own category, and it often carries different economics than fixed route service. Vehicle mix, scheduling software, and on-demand routing all factor into how we evaluate a paratransit operation differently from a fixed route company.
If paratransit or demand-response is most of your business, read our dedicated page: sell your paratransit business. It covers what we look for in ADA compliance, trip scheduling technology, and driver certification requirements specific to this mode.
On-Demand and Microtransit Operations
Microtransit is newer, and the contract models look different from a traditional fixed route agreement. Some microtransit operators run under a management contract with a transit agency. Others run a hybrid model that blends fixed stops with on-demand routing through a technology platform.
We look at the agency partnership structure, how the technology platform is licensed or owned, and how long the current contract term runs. Newer contract models carry more uncertainty than a 10-year fixed route agreement, and we account for that in how we review the business. Tell us early how your microtransit contract is structured so we can ask the right questions.
Selling a Bus Company: What We Look For
If you searched "bus company for sale," here is the general range that fits our buy-box, whether your fleet runs transit, paratransit, or a mix:
- Annual revenue in the $5M-$25M range
- EBITDA in the $1M-$5M+ range
- Fleet size of roughly 50-150+ vehicles
- A contract base with real renewal history, not mostly spot work
- Fleet maintenance records that show the vehicles have been cared for
If your company falls outside these ranges, reach out anyway. We review inquiries case by case, and this range describes what we typically see, not a hard cutoff.
Beyond the numbers, we look at how the operation runs day to day.
Fleet age. Vehicle age and maintenance history tell us how much capital a buyer needs to plan for after close. A well-maintained older fleet often reads better than a newer fleet with gaps in service records.
Drivers and dispatch. Is dispatch organized around a system, or does it depend entirely on you being in the building? Driver retention and how you recruit matter as much as headcount.
Yard and facility. Whether you own or lease your yard, and whether that property could be part of the deal, changes how a transaction gets structured. Tell us early so we can plan around it.
Safety record. Current safety and compliance records tell us the operation is ready for a transition. A company that runs cleanly without the owner in every decision is worth more, and it is easier for us to move quickly on.
What Happens to Your Drivers, Your Contracts, and Your Name
Owners ask about this early, and they should. A transit company runs on its people, and continuity for your drivers, dispatchers, and operations staff is something we plan for, not an afterthought at closing.
Whether your company name stays on the vehicles is your call. Many owners want the local name to continue, since it is what riders and agency partners already trust. That is a structure we can discuss on the first call.
On contracts, whether an agency contract transfers automatically, needs a new bid, or requires agency approval depends on the contract terms and the agency involved. We walk through what applies to your situation before you commit to anything.
Staying involved after the sale is also an option for some owners. If you want a clean exit, we can build for that. If you want to keep running the operation with more capital and back-office support behind you, say so early and we will talk through what that looks like.
How the Sale Works
Selling directly follows a simple sequence:
- Confidential inquiry. You reach out with as little or as much detail as you want. No company name required to start.
- NDA first. We sign a mutual NDA before any financials or contract details change hands.
- Review and conversation. We review your financials, contracts, fleet, and driver retention, and we ask what matters most to you: exit, legacy, or growth.
- Straight answer, fast. Days, not months: once we have reviewed your financials, you get a straight answer fast.
For the full step-by-step process, including typical timelines, see how our acquisition process works.
Frequently Asked Questions
Do you buy small transit companies? Yes. Operations that a broker would pass on because the commission is too small are often a good fit for us. If you are not sure your company qualifies, reach out. There is no cost to ask.
Will my agency contract transfer to a new owner? It depends on the contract terms and the agency involved. Some contracts allow assignment with notice, others require a new bid or agency approval. We walk through what applies to your specific contracts before any deal is structured.
Do you buy paratransit-only operations? Yes. See our paratransit page for detail on what we look for in ADA demand-response operations specifically.
Do you buy real estate along with the company? Often, yes. Your yard or terminal can be included in the sale or handled through a separate lease-back arrangement, whichever fits your situation better.
How is my company valued? Valuation depends on your contract mix, renewal history, fleet condition, and driver retention, not just revenue. A direct sale usually moves faster than a broker listing once financials are shared. For a straight answer specific to your company, request a confidential valuation.
Start the Conversation
If you searched "bus company for sale" or "transit company for sale" because you are weighing your options, start with a confidential conversation. No public listing, no fee or commission owed by you, and your inquiry goes to a principal.
We also buy airport and corporate shuttle companies and non-emergency medical transportation companies, often alongside transit contracts, across our target markets in the West, Southwest, Southeast, Northeast and Midwest.
Start a confidential conversation.
No obligation. NDA before financials.