Bus System
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Financial Advisor
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Sugi Hadiwijaya
Partner, Partners
Sugi Hadiwijaya has more than 15 years of combined experience in financial services and turnaround management, assisting companies with tasks such as cash management, securing of financing, business plan assessment, M&A activities, and financial modeling in multiple industries.
- Turnaround plan executed
- Company expanded
- Improved EBITDA
The company was an interstate bus system that experienced EBITDA decline due to competition from budget airlines, inefficient route network and low return on operational assets. CR3 served on a team of consultants to assist in route optimization, cost reduction, and operational improvements, including scaling back unprofitable bus routes and identifying other performance improvement plans. CR3 successfully implemented a turnaround plan and the company was able to continue expansion efforts in the U.S. and Canada, improve EBITDA, and pursue customer focused improvements to maintain marketplace relevance.
The Situation
- Largest interstate bus system transporting passengers to over 3,800 locations across North America
- Experienced EBITDA decline over time due to competition from budget airlines, inefficient route network, and low return on operational assets
The Work
- Served as members of a team of consultants engaged to assist in route optimization, cost reduction, and operational improvement projects
- Worked closely with management team to undertake the project for western half of U.S.
- Recommended scaling back unprofitable bus routes to optimize revenue per passenger mile and load factor
- Restructured terminal and support operations, implemented cost reductions, and introduced KPI tracking to measure progress
- Identified other performance improvement plans related to driver dispatch operations, maintenance program, and bus replenishment strategy
The Results
- Successfully implemented turnaround plan within a six month timeline
- Company expanded to remainder of U.S. and into Canada
- Significantly improved EBITDA and was able to pursue additional customer-focused improvements to be more competitive
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