AAAHI Is Acquired by Kelsian

Technology & Services

AAAHI, a portfolio company of Tensile, sale to Kelsian 


All Aboard America! Holdings (“AAAHI” or the “Company”), a portfolio company of Tensile Capital Management (“Tensile”), has recently announced its sale to Kelsian Group (“Kelsian”) (ASX: KLS) for $325M. The transaction is subject to various regulatory approvals and customary closing conditions.

Baird served as the financial advisor to AAAHI on this transaction.


All Aboard America! Holdings is the fourth largest motorcoach operator in the United States with 1,000+ vehicles and 1,500+ team members operating in California, Arizona, New Mexico, Texas, Colorado, Louisiana and Mississippi. Since 2012, AAAHI’s market-leading regional brands include acquisitions of generational family businesses, including Hotard Coaches, All Aboard America, Sun Diego Charters, Ace Express Coaches, Lux Bus America and First Class Transportation. From the West Coast to the Mississippi, AAAHI services a wide-range of customers in charter operations, including university and professional athletics, military travel, corporate partners, tour operators and K-12 schools. The Company also has more than 20 major contracts with transit operators, construction projects and corporate commuter shuttles that anchor their local businesses. By empowering local leaders and respecting drivers, technicians and operations teams, AAAHI has a consistent focus on safety, technology and operational excellence that exceeds customer expectations.

Tensile Capital Management is an investment firm that employs an opportunistic value approach to investing in the public markets and select private investments, managing a concentrated portfolio and working closely with management teams to enhance shareholder value. Tensile’s objective is to generate superior risk-adjusted, after-tax returns through long-term investments, while maintaining a margin of safety against permanent capital impairment. Tensile is headquartered in San Francisco, California.

Kelsian is Australia’s largest integrated multi-modal transport provider and tourism operator, with established bus operations in Singapore, London and the Channel Islands. Kelsian provides essential journeys for their customers by delivering safe and intelligent transport solutions designed to improve the sustainability and liveability of the communities served. Kelsian has over 30 years’ experience delivering tourism and passenger transport services. Kelsian is a leader in sustainable public transport as the operator of Australia’s largest zero emission bus fleet and Australia’s largest electrified bus depot.
Technology & Services

AAAHI, a portfolio company of Tensile, sale to Kelsian 

March 2023
All Aboard America! Holdings
M&A - Sellside
Technology & Services
Travel, Leisure & Hospitality
Target Location
North America
Acquiror Location