At what enterprise value was RATP DEV TRANSIT LONDON acquired in 2024?

During the acquisition of RATP DEV TRANSIT LONDON by FIRSTGROUP in 2024, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 50M - 150M GBP. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 11.1x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of RATP DEV TRANSIT LONDON when it was acquired by FIRSTGROUP?

The exact EV/EBITDA multiple for RATP DEV TRANSIT LONDON is available on mynth capital. For comparison, the Business Services sector currently shows an average EBITDA multiple of 11.1x. Join our community for free to access full valuation data and industry trends.

When was RATP DEV TRANSIT LONDON acquired by FIRSTGROUP?

RATP DEV TRANSIT LONDON was acquired by FIRSTGROUP in 2024.

What was the revenue of RATP DEV TRANSIT LONDON at the time of the deal?

The revenue of RATP DEV TRANSIT LONDON at the time of the deal is estimated to be in the range of 250M - 500M GBP. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the RATP DEV TRANSIT LONDON acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the RATP DEV TRANSIT LONDON deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.firstgroupplc.com/~/media/Files/F/Firstgroup-Plc/reports-and-presentations/presentation/firstgroup-plc-acquisition-of-ratp-london-presentation.pdf

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Home Database Business ServicesRATP DEV TRANSIT LONDON

12/2024

RATP DEV TRANSIT LONDON acquired by FIRSTGROUP

UNITED KINGDOM Transport & Logistics / Passenger Transport / Rail & Public Transit EV 50M - 150M GBP

Context

FirstGroup plc has completed the acquisition of 100% of RATP London from RATP Développement. The transaction represents FirstGroup's strategic re-entry into the London bus market at scale, following its exit in 2013. The strategic rationale for the acquisition is to diversify FirstGroup's portfolio and secure a significant foothold in the UK's largest bus market, which accounts for 46% of the national industry. RATP London brings a high-quality fleet (34% electric) and c. 90 TfL contracts with a weighted average remaining life of 3.3 years. FirstGroup intends to maintain the existing senior management team to continue their proven turnaround plan, which has already stabilized the workforce and improved bid discipline. The deal is underpinned by c. £100m in physical assets, including four freehold depots valued at c. £50m. Financially, the acquisition is expected to be earnings-neutral in FY 2025 and FY 2026 due to the utilization of £40–50m in onerous contract provisions. Long-term, FirstGroup expects to grow annual revenues to £300–350m and achieve operating margins of 6–7%, supported by synergies in fuel pricing, insurance, and fleet purchasing.

RATP DEV TRANSIT LONDON, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Business Services sector (11.1x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Formed through the consolidation of London United, London Sovereign, and London Transit, RATP London is a principal bus operator in the UK capital with a ~12% market share. The company operates approximately 90 Transport for London (TfL) route contracts, primarily in West, North-West, and South-West London. Its infrastructure includes 10 depots (4 owned, 6 leased) and a fleet of roughly 1,000 buses, one-third of which are already fully electric. The business model is based on a regulated franchising system where TfL sets routes and collects fares, while the operator manages the fleet and drivers. RATP London’s value proposition is built on high operational reliability and a robust "turnaround plan" focused on bid discipline and cost control. As an early mover in green transit, the company is strategically aligned with TfL’s target of a zero-emission fleet by 2034, positioning itself as a key partner in London’s sustainable urban mobility infrastructure.

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REFERENCES

Valuation range: EV 50M - 150M GBP

Revenue range: 250M - 500M GBP

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of RATP DEV TRANSIT LONDON by FIRSTGROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: firstgroup