New owner for local transit systems

The North Okanagan and Kelowna transit systems have a new owner.

The Transdev Group, which is headquartered in France and operates public transit in 18 countries, has reached a deal to buy First Transit which owns the bus systems in the Vernon and Kelowna areas, among others.

The deal still requires regulatory approval and the purchase price was not released.

First Transit, a provider of passenger transportation and vehicle maintenance services, said the transaction is expected to close early in 2023.

Thierry Mallet, chairman and CEO of Transdev Group, said they will be adding new services and expertise to its U.S. and Canada operations.

“The new entity’s focus on innovation will notably see a growing share of electric buses, further contributing to the reduction of its carbon footprint,” a news release from Transdev stated. “Transdev’s Moving Green decarbonization strategy targets, by 2030, a 30 per cent reduction in greenhouse gas emissions and a 50 per cent increase in alternative fuel fleets (gas, biogas, biofuels, electric, hydrogen) versus 2018 levels.”

First Transit was previously owned by EQT Partners, an investment operation based in Sweden.