Reliant Transportation Group, LLC, TIP MNC Acquisition, LLC, TIP MN Investments LP, and Tiger Infrastructure Partners Fund IV AIV LP-Acquisition of Control-Safe-Way Bus Co. and Safe-Way Wisconsin, Inc.

Issuing agencies

Abstract

On August 31, 2026, Reliant Transportation Group, LLC (Reliant); TIP MNC Acquisition, LLC; TIP MN Investments LP; and Tiger Infrastructure Partners Fund IV AIV LP (collectively, Applicants) filed an application seeking authority to acquire, from Jane M. Stiles and Thomas W. Stiles (collectively, Sellers), control of two federally regulated interstate passenger motor carriers: Safe-Way Bus Co. (Safe- Way Bus) and Safe-Way Wisconsin, Inc. (Safe-Way Wisconsin) (collectively, Additional Carriers). The Board is tentatively approving and authorizing the proposed transaction. If no opposing comments are timely filed, this notice will be the final Board action.

Full Text

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<title>Federal Register, Volume 91 Issue 203 (Thursday, October 22, 2026)</title>
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[Federal Register Volume 91, Number 203 (Thursday, October 22, 2026)]
[Notices]
[Pages 66769-66774]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-21628]


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SURFACE TRANSPORTATION BOARD

[Docket No. MCF 21156]


Reliant Transportation Group, LLC, TIP MNC Acquisition, LLC, TIP 
MN Investments LP, and Tiger Infrastructure Partners Fund IV AIV LP--
Acquisition of Control--Safe-Way Bus Co. and Safe-Way Wisconsin, Inc.

AGENCY: Surface Transportation Board.

ACTION: Notice Tentatively Approving and Authorizing Finance 
Transaction.

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SUMMARY: On August 31, 2026, Reliant Transportation Group, LLC 
(Reliant); TIP MNC Acquisition, LLC; TIP MN Investments LP; and Tiger 
Infrastructure Partners Fund IV AIV LP (collectively, Applicants) filed 
an application seeking authority to acquire, from Jane M. Stiles and 
Thomas W. Stiles (collectively, Sellers), control of two federally 
regulated interstate passenger motor carriers: Safe-Way Bus Co. (Safe-
Way Bus) and Safe-Way Wisconsin, Inc. (Safe-Way Wisconsin) 
(collectively, Additional Carriers). The Board is tentatively approving 
and authorizing the proposed transaction. If no opposing comments are 
timely filed, this notice will be the final Board action.

DATES: Comments may be filed by December 7, 2026. If any comments are 
filed, Applicants may file a reply by December 21, 2026. If no opposing 
comments are filed by December 7, 2026, this notice shall be effective 
on December 8, 2026.

ADDRESSES: Comments, referring to Docket No. MCF 21156, may be filed 
with the Board either via e-filing on the Board's website or in writing 
addressed to: Surface Transportation Board, 395 E Street SW, 
Washington, DC 20423-0001. A copy of any comments filed with the Board 
must also be sent to Applicants' representative: Edward Fishman, Hogan 
Lovells Cadwalader US LLP, Columbia Square, 555 Thirteenth Street NW, 
Washington, DC 20004-1109.

FOR FURTHER INFORMATION CONTACT: Amy Ziehm at (202) 918-5462. If you 
require an accommodation under the Americans with Disabilities Act, 
please call (202) 245-0245.

SUPPLEMENTARY INFORMATION: Reliant, a Delaware limited liability 
company headquartered in Hastings, Minn., seeks Board authority to 
acquire control of the Additional Carriers by purchasing 100% of the 
equity interests from Sellers. (Appl. 2, 21.) \1\ According to the 
application, Reliant is a noncarrier company that was formed to own, 
operate, and manage various motor carriers of passengers and related 
companies. (Id. at 2.) Applicants state that Reliant does not itself 
conduct regulated motor carrier operations and that it is owned and 
controlled, through a series of noncarrier holding companies, by 
several investment entities associated with Tiger Infrastructure 
Partners LP (Tiger Infrastructure). (Id.) \2\ The application states 
that at the top of the ownership chain is Tiger Infrastructure Partners 
Fund IV AIV LP,\3\ which owns 100% of TIP MN Investments LP,\4\ which 
in turn owns 100% of TIP MNC Acquisition, LLC (collectively, Tiger 
Infrastructure Investment Entities).\5\ (Appl. 2-3.) TIP MNC 
Acquisition, LLC owns 73.56% of MNC Holdings, LP, which owns 100% of 
MNC Intermediate Holdings, LLC, which owns 100% of MNC Parent, LLC, 
which in turn owns 100% of Reliant. (Appl. 3.)
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    \1\ Applicants supplemented their application on September 28, 
2026, to provide revised organizational structure and ownership 
charts (Revised Organizational Structure Charts), (Suppl., Exs. 2, 
3), and to addresses issues related to Safe-Way Bus's Federal Motor 
Carrier Safety Administration (FMCSA) operating authority, see infra 
note 9. The date of the supplement, September 28, 2026, is therefore 
deemed the filing date for purposes of determining the procedural 
schedule and statutory deadlines. See 49 CFR 1182.4(a).
    \2\ The Revised Organizational Structure Charts appear to 
identify Tiger Infrastructure Partners LP as ``Tiger Infrastructure 
Associates GP LP.'' (Suppl., Exs. 2, 3.)
    \3\ The Revised Organizational Structure Charts appear to 
identify Tiger Infrastructure Partners Fund IV AIV LP as ``Tiger 
Infrastructure Partners Fund AIV.'' (Suppl., Exs. 2, 3.)
    \4\ The Revised Organizational Structure Charts appear to 
identify TIP MN Investments LP as ``TIP Minnesota Coaches 
Investments LP.'' (Suppl., Exs. 2, 3.)
    \5\ The Revised Organizational Structure Charts show ``Tiger 
Infrastructure Associates GP LP,'' to be above Tiger Infrastructure 
Partners Fund IV AIV LP (identified as ``Tiger Infrastructure 
Partners Fund AIV'' in the charts), though with the notation 
``[n]on-economic.'' (Suppl., Exs. 2, 3.) Applicants state, ``[a]s 
noted in prior filings, Tiger Infrastructure Partners Fund IV AIV LP 
is managed by Tiger Infrastructure Associates GP IV LP, which is its 
General Partner and does not have any economic interest in Tiger 
Infrastructure Partners Fund IV AIV LP (or any of the other entities 
in the corporate structure).'' (Appl. 2 n.1.) The organizational 
structure charts included with the application also listed the 
following entities above Tiger Infrastructure Partners Fund IV AIV 
LP: Tiger Flow-Through LPs; Tiger Blocked LPs; and TIP Minnesota 
Coaches Blocker. (See Appl., Exs. 2, 3; Suppl., Exs. 2, 3.) 
Applicants state in their supplement that these three entities 
``were inadvertently included in the organizational chart submitted 
with the Application.'' (Suppl. 1.) According to Applicants, the 
Revised Organizational Structure Charts ``are consistent with the 
organizational chart used in the Applicants' prior filings and 
accurately reflect[] the entities relevant to the Application.'' 
(Id.)
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    According to the application, Reliant's upstream ownership forms 
part of a broader transportation investment platform affiliated with 
Tiger Infrastructure, a private equity

[[Page 66770]]

infrastructure investment firm founded in 2010 that is focused on 
growth equity investments across transportation, digital 
infrastructure, and energy transition sectors in North America and 
Europe. (Id. at 3.) In January 2025, the Board approved Tiger 
Infrastructure's indirect acquisition of control of seven interstate 
motor carriers of passengers through the Tiger Infrastructure 
Investment Entities and through the following intermediate holding 
companies: MNC Holdings, LP; MNC Intermediate Holdings, LLC; MNC 
Parent, LLC; and MNC Transportation, LLC (then referred to as Minnesota 
Borrower, LLC). (Id.) See TIP Minn. Coaches Acquis. LLC--Acquis. of 
Control--Marschall Line, Inc., MCF 21127 (STB served Jan. 8, 2025). 
Applicants state that, after that decision was issued and as part of 
the post-closing reorganization that was conducted in connection with 
that prior control transaction, MNC Transportation, LLC, was renamed 
Reliant Transportation Group, LLC, and therefore is now referred to as 
Reliant in this application. (Appl. 3.) Applicants note that there was 
no other change in ownership or control of Reliant after the Board 
issued its decision in Docket No. MCF 21127. (Id.)
    Applicants state that as a result of that post-closing 
reorganization and a subsequent acquisition of control transaction 
earlier this year,\6\ Reliant is an indirect owner of nine federally 
regulated interstate motor carriers of passengers (collectively, 
Affiliated Carriers). (Id. at 4.) The Affiliated Carriers are:
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    \6\ Reliant Transp. Group, LLC--Acquis. of Control--Southwest 
Coaches, Inc., MCF 21149 (STB served June 12, 2026). Applicants 
state that the entities acquired in this transaction were converted 
into LLCs as part of a post-closing tax reorganization and are 
hereinafter referred to as Southwest Coaches, LLC, and Minnesota 
Motor Bus, LLC. (Appl. 4 n.2.)
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    <bullet> Marschall Line, LLC (Marschall Line), which operates 
solely as a provider of school bus transportation services, both under 
its legal name as well as the assumed name Mid-County Bus Company. Its 
services consist of regular route, general, and special education 
transportation for school districts, as well as school bus charter 
services supporting extracurricular activities and special events. 
While Marschall Line occasionally conducts charter trips that cross 
state lines into Wisconsin or other neighboring states, these 
interstate movements are incidental and limited when compared to the 
company's predominantly intrastate operations within Minnesota. 
Marschall does not engage in motorcoach operations, (id. at 5-6);
    <bullet> Reliant Motorcoaches, LLC (Reliant Motorcoaches) 
(operating in its name and through the assumed names Hasting Bus 
Company, Big River Bus, and Big River Tours), which provides school bus 
transportation services and motorcoach services on a charter and 
contract basis. Reliant Motorcoaches conducts general and special 
education transportation for school districts on a regular schedule and 
also provides charter services for school-related activities using a 
mixed fleet that includes school buses and motorcoaches. Within the 
company's motorcoach business, roughly half of motorcoach mileage is 
travelled within Minnesota. Out-of-state motorcoach mileage is 
concentrated primarily in nearby states, including Wisconsin and Iowa, 
with more limited operations in Illinois and Missouri, and occasional 
longer-distance trips driven by customer demand. Reliant Motorcoaches 
does not operate regularly scheduled motorcoach routes, (id. at 6-7);
    <bullet> Rehbein Transit, LLC (Rehbein Transit), which operates 
exclusively as a school bus transportation provider. Its operations 
consist of regular route, general, and special education transportation 
for school districts, together with limited school bus charter services 
supporting extracurricular and special activities. Interstate 
operations are rare and limited to occasional charter trips into 
Wisconsin or other neighboring states, with the overwhelming majority 
of service conducted within Minnesota. Rehbein Transit does not conduct 
any motorcoach services, (id. at 8);
    <bullet> Faribault Transportation Service, LLC (FTS), which 
operates exclusively as a provider of school bus transportation 
services. Its operations include regular route, general, and special 
education transportation, as well as school bus charter services for 
extracurricular activities and special events. Interstate service 
occurs only occasionally, typically involving charter trips into 
Wisconsin or other nearby states, and is minimal relative to the 
company's intrastate operations within Minnesota. FTS does not offer 
motorcoach services, (id. at 9);
    <bullet> Reliant Student Transport, LLC (Reliant Student 
Transport), which provides school bus transportation services and 
motorcoach services on a charter and contract basis. Its school 
transportation services include general and special education routes 
and charter operations supporting school-related activities, using both 
school buses and motorcoaches. Interstate operations are limited and 
occur primarily in connection with selected school-related activities 
involving neighboring states, most commonly Wisconsin. Reliant Student 
Transport also provides motorcoach charter and contract services for 
universities, athletic programs, and other institutional or private 
customers, as well as event-specific charters. Longer-distance trips 
occur on occasion in response to customer demand, generally favoring 
states geographically proximate to Minnesota. Reliant Student Transport 
does not operate regularly scheduled motorcoach routes, (id. at 9-10);
    <bullet> Minn-Dakota Coaches, LLC (Minn-Dakota), which provides 
school bus transportation services and motorcoach charter services. 
School transportation services include regular route, general, and 
special education transportation, along with school charter services. 
Interstate service is limited and typically involves occasional trips 
into neighboring states, particularly North Dakota, based on school or 
customer needs. With respect to motorcoach operations, approximately 
half of Minn-Dakota's total motorcoach mileage is conducted within 
Minnesota. Interstate mileage is concentrated in nearby states, 
particularly North Dakota and South Dakota, with more limited 
operations in Iowa and Wisconsin, and occasional longer-distance 
charter activity. Minn-Dakota does not operate regularly scheduled 
motorcoach routes, (id. at 11);
    <bullet> Ready Bus Company, LLC (Ready Bus), which provides school 
bus transportation services and motorcoach charter services. Its 
services include general and special education transportation, school 
bus charter services for extracurricular activities, and charter 
motorcoach services for institutional and private customers. Interstate 
transportation occurs on a limited basis and generally involves travel 
between Minnesota and neighboring states, particularly Wisconsin. Ready 
Bus also provides motorcoach charter and contract services for 
universities, athletic programs, and private events throughout 
Minnesota, Wisconsin, and surrounding states. Ready Bus does not 
operate regularly scheduled motorcoach routes, (id. at 12);
    <bullet> Southwest Coaches, LLC (Southwest Coaches), which provides 
school transportation and charter services, using a fleet of school 
buses and motorcoaches. Southwest Coaches serves customers primarily in 
Minnesota, North Dakota, and South Dakota, but operates trips in other 
states as customer needs require. Southwest Coaches' school 
transportation service

[[Page 66771]]

includes regular and special education routes and extracurricular 
trips. It also provides charter services for educational institutions 
and universities, private events (including weddings and similar 
events), and coach travel tours, (id. at 13-14); and
    <bullet> Minnesota Motor Bus, LLC (Minnesota Motor Bus), which 
provides school transportation and charter services, using a fleet of 
school buses and motorcoaches. Its school bus transportation includes 
transporting students to and from school and for extracurricular trips, 
as well as transportation of preschool and special needs students. 
Minnesota Motor Bus also provides charter bus service for university 
and youth groups for sporting events and similar activities within 
Minnesota and across state lines, primarily into Iowa and South Dakota. 
Minnesota Motor Bus does not operate regularly scheduled motorcoach 
routes, (id. at 14-15).
    Applicants state that each Affiliated Carrier operates as a 
separate legal entity and holds its own operating authority issued by 
the FMCSA. (Id. at 4.) The Affiliated Carriers collectively provide a 
combination of school transportation services and motorcoach charter 
services throughout Minnesota and certain neighboring states, primarily 
operating under long-standing contracts with school districts and 
institutional customers, as well as charter agreements with 
universities, tour operators, and other private customers. (Id. at 4-
5.) According to the application, although indirectly owned through 
common holding companies associated with Tiger Infrastructure, the 
Affiliated Carriers generally operate in distinct geographic service 
areas, maintain separate management teams, and retain separate 
operating authorities, terminals, fleets, and customer relationships. 
(Id. at 5.) \7\
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    \7\ Additional information about these motor carriers, including 
U.S. Department of Transportation (USDOT) numbers, motor carrier 
numbers, and USDOT safety fitness ratings can be found in the 
application. (Id. at 5-15.)
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    Applicants state that the structure of the ownership platform was 
designed to preserve the independent operations of the carrier 
subsidiaries and is not intended to result in the consolidation of 
routes, school district contracts, or charter operations among the 
Affiliated Carriers. (Id. at 5.) They state that the purpose of the 
common ownership structure is to provide long-term ownership stability, 
increased access to capital and other resources for fleet modernization 
and safety investments, and continuity of experienced local management, 
rather than operational integration. (Id.) Applicants explain that the 
proposed acquisition of Safe-Way Bus and Safe-Way Wisconsin would add 
two additional carriers to this existing group of motor carriers of 
passengers that similarly provide school transportation and charter 
services, operating in geographic areas distinct from many of the 
Affiliated Carriers or otherwise serving different school districts and 
other customer bases. (Id.)
    According to the application, if the proposed transaction is 
approved, Reliant will acquire 100% of the issued and outstanding 
equity interests of Safe-Way Bus and Safe-Way Wisconsin from Sellers 
pursuant to a Membership Interest Purchase Agreement dated August 31, 
2026. (Id. at 21.) Applicant state that Sellers are not motor carriers 
and do not hold individual operating authority. (Id. at 15.) Applicants 
further state that Sellers each own 50% of Safe-Way Bus and 50% of 
Safe-Way Wisconsin. (Id. at 15-16.) According to Applicants, Sellers 
acquired their respective 50% of the shares in each of the Additional 
Carriers as a result of the settlement of the estate of their late 
brother Daniel Stiles on March 28, 2022.\8\ (Id. at 16.)
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    \8\ In April 2026, Sellers sought after-the-fact approval for 
their 2022 acquisition of control of the Additional Carriers, which 
the Board tentatively approved on May 6, 2026. Jane Stiles & Thomas 
Stiles--Acquis. of Control--Safe-Way Bus Co., MCF 21148 (STB served 
May 6, 2026). No opposing comments were filed by the June 22, 2026 
deadline, and the Board's approval therefore became effective the 
following day. (See Appl. 16.) Following that decision, Reliant 
reached an agreement with Sellers to acquire control of the 
Additional Carriers, and Applicants are submitting this application 
so that the parties can close on the proposed transaction as soon as 
Board authority is obtained. (Id. at 16-17.)
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    Following closing of the proposed transaction, Applicants state 
that they will obtain control of both Additional Carriers, which will 
continue to operate under their existing FMCSA operating authorities. 
(Id. at 21.)
    The application states that Safe-Way Bus is a Minnesota corporation 
that provides service out of its Inver Grove Heights terminal in the 
Twin Cities region of Minnesota and its terminal in Hudson, Wis. (Id. 
at 17, 22.) Safe-Way Bus is authorized to operate as an interstate 
motor carrier of passengers subject to the jurisdiction of the FMCSA 
pursuant to authority issued in Docket No. MC-362288; U.S. DOT No. 
813377.\9\ Safe-Way Bus also has intrastate operating authority as a 
motor carrier of passengers from the Minnesota DOT pursuant to 
Minnesota DOT # 142460. (Appl. 17.)
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    \9\ The application states that Safe-Way Bus holds FMCSA 
operating authority. (Id. at 17.) However, the FMSCA Company 
Snapshot attached to the application as Exhibit 1 indicates that 
Safe-Way Bus is not authorized to conduct interstate operations. 
(Id., Ex. 1.) In its supplement, Applicants state that Safe-Way 
Bus's operating authority ``was made inactive as a result of an 
issue concerning the insurance coverage filing reflected in FMCSA's 
records'' and that ``Safe-Way Bus is in the process of rectifying 
that issue with FMCSA.'' (Suppl. 1.) The Board takes notice that 
FMCSA's website now indicates that Safe-Way Bus is authorized to 
provide interstate service. See U.S. Dep't of Transp., Fed. Motor 
Carrier Safety Admin., Safety & Fitness Electronic Records (SAFER) 
Sys., <a href="https://safer.fmcsa.dot.gov/query.asp?searchtype=ANY&query_type=queryCarrierSnapshot&query_param=USDOT&original_query_param=NAME&query_string=813377&original_query_string=SAFE-WAY%20BUS%20COMPANY">https://safer.fmcsa.dot.gov/query.asp?searchtype=ANY&query_type=queryCarrierSnapshot&query_param=USDOT&original_query_param=NAME&query_string=813377&original_query_string=SAFE-WAY%20BUS%20COMPANY</a> (last visited Oct. 20, 2026).
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    Safe-Way Bus provides school transportation service under contract 
to two school districts in the Twin Cities, Minn., area (Inver Grove 
Heights Public Schools district ISD 199 and South St. Paul Public 
Schools district/SSD 6), as well as to the Hudson, Wis., public school 
district. (Id. at 17-18.) The application also states that, until June 
2023, Safe-Way Bus also provided school transportation service under 
contract to the St. Paul Public Schools district ISD 625. (Id. at 17.)
    The Inver Grove Heights Public Schools district consists of 
approximately five public schools. (Id.) The district has approximately 
3,500 students and the service area encompasses approximately 30 square 
miles. (Id. at 17-18.) The contract service that Safe-Way Bus provides 
for the Inver Grove Heights Public Schools district involves 
approximately 23 full-sized school buses that are used for transporting 
students to and from school and conducting extracurricular trips. (Id. 
at 18.)
    The South St. Paul Public Schools district consists of 
approximately five public schools. (Id.) The district has approximately 
3,100 students and the service area encompasses approximately six 
square miles. (Id.) The contract service that Safe-Way Bus provides for 
the South St. Paul Public Schools district involves approximately seven 
full-sized school buses that are used for transporting students to and 
from school and conducting extracurricular trips. (Id.) Safe-Way Bus 
also utilizes approximately seven smaller buses to transport preschool 
and special-needs students. (Id.)
    The Hudson Public Schools district consists of approximately eight 
public schools and one private school. (Id.) The district has 
approximately 5,300 students and the service area encompasses 
approximately 77 square miles. (Id.) The contract service that Safe-Way 
Bus provides for the Hudson Public Schools District involves

[[Page 66772]]

approximately 42 full-sized school buses that are used for transporting 
students to and from school and conducting extra-curricular trips. 
(Id.) Safe-Way also utilizes approximately 12 smaller buses and four 
vans/SUVs to transport pre-K and special-needs students. (Id.)
    Applicants state that Safe-Way Bus also provides after-school trips 
as part of its contracts with the relevant school districts in the Twin 
Cities area. (Id.) On limited occasions, these services involve 
transportation across state lines into neighboring states, including 
Wisconsin. (Id.) Safe-Way Bus also provides charter bus service for 
university and youth groups, transporting them to sporting events and 
similar activities within the state of Minnesota and across state 
lines, primarily into Wisconsin. (Id. at 18-19.)
    The application states that in the 12-month period prior to March 
2026, Safe-Way Bus conducted approximately 334 interstate trips and 
approximately 2.11% of its overall revenue is derived from these 
interstate trips. (Id. at 19.) Safe-Way Bus does not conduct regularly 
scheduled motorcoach service in interstate commerce. (Id.) Safe-Way Bus 
operates its student transportation services out of its terminals in 
Inver Grove Heights and Hudson. (Id.) The Safe-Way Bus terminal in 
Inver Grove Heights has a fleet of approximately 51 school buses. (Id.) 
That terminal has approximately 50 employees, including 45 drivers and 
five other employees. (Id.) The terminal in Hudson has approximately 64 
employees, including 58 drivers and six other employees. (Id.)
    The application describes Safe-Way Wisconsin as a Wisconsin 
corporation, with a name change effective as of May 30, 2006, that has 
its principal business address in Somerset, Wis. (Id.) Safe-Way 
Wisconsin is authorized to operate as an interstate motor carrier of 
passengers subject to the jurisdiction of the FMCSA pursuant to 
authority issued in Docket No. MC-1451781; U.S. DOT No. 3923185. (Id. 
at 19; id., Ex. 1.) Safe-Way Wisconsin also has intrastate operating 
authority from the Wisconsin Department of Transportation to operate as 
a common carrier of passengers. (Id. at 19.)
    According to the application, Safe-Way Wisconsin operates from its 
terminals in Somerset, Wis., and Balsam Lake, Wis. (Id. at 21.) Safe-
Way Wisconsin is a school transportation operator, providing general 
and special education transportation to and from schools on regular 
routes under contract to the Somerset Public Schools district in 
Somerset and the Unity School District in Balsam Lake. (Id. at 19-20.)
    The Somerset Public Schools district consists of three public 
schools and one non-public school. The district has approximately 1,500 
students and encompasses a service area of approximately 95 square 
miles. (Id. at 20.) The contract service that Safe-Way Wisconsin 
provides for the Somerset Public Schools district involves running 
approximately 19 full-sized school buses that are used for transporting 
students to and from school and for extracurricular trips. (Id.) The 
Unity School District consists of three public schools in the towns of 
Balsam Lake, Milltown, and Centuria, Wis. (Id.) The district has 
approximately 945 students and encompasses a service area of 
approximately 140 square miles. (Id.) The contract service that Safe-
Way Wisconsin provides for the Unity Public Schools district involves 
running approximately 15 full-sized school buses that are used for 
transporting students to and from school and for extracurricular trips. 
(Id.) Safe-Way Wisconsin also utilizes approximately one smaller bus 
and three vans that transport preschool and special-needs students 
within the Unity Public School district. (Id.)
    The application states that Safe-Way Wisconsin employs 
approximately 19 school bus drivers and has 22 total employees at the 
Somerset terminal. (Id.) In addition, Safe-Way Wisconsin employs 
approximately 18 school bus drivers and has 21 total employees at the 
Balsam Lake terminal. (Id.) Safe-Way Wisconsin has serviced the 
Somerset Public Schools district continually since 2006, and the Unity 
School District since 2023. (Id.)
    According to the application, Safe-Way Wisconsin also provides 
after-school trips as part of its contract with Somerset Public Schools 
and the Unity School District for extracurricular activities and other 
special events within Wisconsin. (Id.) On limited occasions, these 
services involve transportation across state lines into neighboring 
states including Minnesota. (Id.) Safe-Way Wisconsin also provides 
charter bus service for university and youth groups, transporting them 
to sporting events and similar activities within the state of Wisconsin 
and across state lines, primarily into Minnesota. (Id. at 20-21.) 
According to the application, Safe-Way Wisconsin does not conduct 
regularly scheduled motorcoach service in interstate commerce. (Id. at 
21.) It conducts approximately 111 interstate trips per year between 
its Somerset and Balsam Lake terminals, a number that, according to the 
application, is minimal in comparison to Safe-Way Wisconsin's overall 
intrastate school transportation operations. (Id.) Approximately 2.01% 
of its overall revenue is from interstate operations. (Id.)
    Applicants state that the proposed transaction is not designed to 
result in material operational changes. (Id. at 22.) The Additional 
Carriers will continue to provide substantially the same services to 
their customers following closing as they currently provide, including 
school transportation services under contract and charter 
transportation services. (Id.) Applicants state that they have no 
current plans to discontinue service, materially modify routes, close 
terminals, or reduce headcount as a result of the proposed transaction. 
(Id.) The territories primarily serviced by Safe-Way Bus and Safe-Way 
Wisconsin do not overlap, as they are located approximately 30 miles 
apart in different states. (Id.) Safe-Way Bus provides service out of 
its Inver Grove Heights terminal in the Twin Cities region of Minnesota 
and its Hudson, Wis., terminal, while Safe-Way Wisconsin provides 
service out of its terminal in Somerset, Wis., and from a terminal in 
Balsam Lake, Wis. (Id.)
    According to the application, Safe-Way Bus's main competitors for 
student transportation services in the greater Twin Cities area and in 
the Hudson, Wis., area include First Student Transportation, Schmitty & 
Sons Transportation, Transit Team, Voigt's School Service Inc., Billie 
Bus Transportation, and American Student Transportation. (Id.) Safe-Way 
Wisconsin's main competitors for student transportation services 
include Kobussen Buses LTD and Go-Riteway Transportation Group. (Id.) 
There are approximately five other direct competitors in each of the 
service areas, and the competitive landscape has not materially changed 
since Sellers acquired the Additional Carriers in 2022. (Id.) Both 
Additional Carriers generally face competition from national, regional, 
and local bus providers operating within their respective service 
areas. (Id.) In addition, both companies face considerable competition 
for transportation services from other modes of transportation 
including ride sharing services and local bus service operated by 
transit agencies. (Id.)
    Under 49 U.S.C. 14303(b), the Board must approve and authorize a 
transaction that it finds consistent with the public interest, taking 
into consideration at least (1) the effect of the proposed transaction 
on the adequacy of transportation to the public, (2) the total fixed 
charges resulting from the proposed transaction, and (3) the

[[Page 66773]]

interest of affected carrier employees. Applicants have submitted the 
information required by 49 CFR 1182.2, including information 
demonstrating that the transaction is consistent with the public 
interest under 49 U.S.C. 14303(b), see 49 CFR 1182.2(a)(7), and a 
jurisdictional statement under 49 U.S.C. 14303(g) that the aggregate 
gross operating revenues of the involved carriers exceeded $2 million 
during a consecutive 12-month period ending not more than six months 
before the date of the agreement of the parties, see 49 CFR 
1182.2(a)(5). (Appl. 23-28.)
    Applicants do not expect that the proposed transaction will 
adversely affect the adequacy of transportation to the public, or that 
it will result in any material reduction in competition among 
interstate motor carriers. (Id. at 24.) They state that Safe-Way Bus 
and Safe-Way Wisconsin will continue to operate as separate legal 
entities, providing substantially the same school transportation and 
charter services that they provide today, under existing contracts, 
operating authorities, and management structures. (Id. at 25.) 
Applicants do not intend to consolidate routes, modify existing service 
patterns, discontinue service, or redirect equipment or personnel as a 
result of the proposed transaction. (Id.)
    Additionally, Applicants state that the services provided by the 
Additional Carriers do not materially overlap with Reliant's existing 
Affiliated Carriers. (Id.) Applicants assert that the Affiliated 
Carriers operate primarily in distinct, localized geographic service 
areas within Minnesota, serve different school districts and 
institutional customers, and conduct operations pursuant to separate 
contracts, terminals, fleets, and operating authorities. (Id.) 
Applicants further state that school transportation services, which 
constitute a significant portion of operations for many of the 
Affiliated Carriers, are inherently contract-specific and district-
based, with routes designed exclusively to serve discrete school 
districts under long-term contractual arrangements. (Id.) As a result, 
Applicants state, these routes are not transferable or interchangeable 
across carriers and do not compete directly with one another. (Id.)
    Applicants state that the Additional Carriers each provide school 
transportation service under contract to different school districts. 
(Id.) They explain that Safe-Way Bus serves two school districts in the 
Twin Cities, Minnesota area: Inver Grove Heights Public Schools 
district ISD 199, and South St. Paul Public Schools district/SSD 6, 
while Safe-Way Wisconsin serves Somerset Public Schools district in 
Somerset, Wis., and the Unity School district in Balsam Lake, Wis. 
(Id.) Those school districts are in different service areas 
approximately 30 miles apart in different states. (Id.) Applicants note 
that Safe-Way Bus also serves the Hudson School district in Hudson, 
Wis., and that there is no overlap in the school district service areas 
served by Safe-Way Bus and Safe-Way Wisconsin. (Id.) Applicants state 
that none of Reliant's Affiliated Carriers serve these school 
districts, nor do they operate school transportation routes in those 
communities. (Id. at 25-26.) Furthermore, Applicants state, both 
carriers face substantial competition for student transportation 
services from other bus providers (national, local, and regional) and 
from numerous other modes of transportation. (Id. at 26.) Accordingly, 
Applicants maintain, the transaction will not reduce competition in any 
relevant geographic market and has not impaired the adequacy of 
transportation to the public. (Id.)
    Similarly, Applicants state that to the extent that multiple 
carriers under common ownership provide motorcoach charter services, 
those services are customer-driven, irregular, and geographically 
unique, rather than route-based or scheduled. (Id.) Charter trips are 
performed pursuant to individual customer requests and vary by 
destination, duration, and frequency. (Id.) The Affiliated Carriers' 
charter operations are concentrated in different regions of Minnesota, 
such as the Twin Cities metropolitan area, southeastern Minnesota, 
northern Minnesota, or western Minnesota, and are typically marketed 
and performed through longstanding local customer relationships. (Id.) 
The interstate charter trips conducted by the Affiliated Carriers are 
conducted from terminals in different areas and therefore service 
different customer bases. (Id.) The Additional Carriers only provide 
occasional trips across state lines, their charter activities rely on 
separate customer bases, and do not involve the operation of regularly 
scheduled routes that could be consolidated or eliminated as a result 
of common ownership. (Id.)
    Moreover, Applicants state, each carrier will continue to maintain 
separate operating authorities, terminals, fleets, safety programs, and 
management teams. (Id.) The common ownership structure is designed to 
preserve the independent operation of each carrier, while providing 
access to long-term capital and financial stability. (Id.) It is not 
intended to facilitate operational integration or the coordination of 
pricing or service offerings. (Id.)
    Finally, even within the limited markets in which Applicants' 
carriers operate, Applicants state that they face substantial 
competition from a wide range of other transportation providers, 
including local and regional bus operators, national charter providers, 
and alternative modes of transportation such as private motor vehicles, 
airlines, and intercity rail. (Id. at 27.) Customers--particularly 
school districts and institutional clients--typically select providers 
through competitive procurement processes or negotiated contracts and 
retain the ability to change providers upon contract expiration. (Id.) 
Accordingly, Applicants contend, the proposed transaction will not 
foreclose competition or impair customer choice. (Id.) For these 
reasons, Applicants maintain that the proposed transaction will 
preserve the adequacy of transportation services, will not result in 
any anticompetitive consolidation of routes or services, and is fully 
consistent with the public interest standard under 49 U.S.C. 14303(b). 
(Id.)
    With respect to total fixed charges, Applicants anticipate 
financing the cost of the proposed transaction with a combination of 
current available funds and equity capital. (Id.) Applicants do not 
expect that any resulting fixed charges will adversely affect the 
Additional Carriers' ability to continue to provide safe and quality 
transportation service, given the stability of their contractual school 
transportation operations and continuing charter operations. (Id.) 
Applicants explain that each of the Additional Carriers has a very 
stable revenue stream from contracts with school districts, 
universities, and other institutional entities, which should be more 
than adequate to service existing and anticipated future debt. (Id.) 
According to the application, the proposed transaction will also enable 
the Additional Carriers to maintain future financial stability through 
access to considerable funds from Tiger Infrastructure Investment 
entities and their affiliates. (Id.)
    Applicants further state that the proposed transaction is not 
expected to have any material adverse effect on employees or labor 
conditions. (Id. at 28.) Applicants indicate that they have no current 
plans for employee layoffs or staffing reductions, and do not 
anticipate adverse changes to wages, benefits, or working conditions as 
a result of the proposed transaction. (Id.)
    Based upon Applicants' representations, the Board finds that the

[[Page 66774]]

proposed transaction, as described in the application, is consistent 
with the public interest. The application will be tentatively approved 
and authorized. If any opposing comments are timely filed, these 
findings will be deemed vacated, and, unless a final decision can be 
made on the record as developed, a procedural schedule will be adopted 
to reconsider the application. See 49 CFR 1182.6. If no opposing 
comments are filed by the expiration of the comment period, this notice 
will take effect automatically and will be the final Board action in 
this proceeding.
    This action is categorically excluded from environmental review 
under 49 CFR 1105.6(c).
    Board decisions and notices are available at <a href="http://www.stb.gov">www.stb.gov</a>.
    It is ordered:
    1. The transaction is approved and authorized, subject to the 
filing of opposing comments.
    2. If opposing comments are timely filed, the findings made in this 
notice will be deemed vacated.
    3. This notice will be effective December 8, 2026, unless opposing 
comments are filed by December 7, 2026. If any comments are filed, 
Applicants may file a reply by December 21, 2026.
    4. A copy of this notice will be served on: (1) the U.S. Department 
of Transportation, Federal Motor Carrier Safety Administration, 1200 
New Jersey Avenue SE, Washington, DC 20590; (2) the U.S. Department of 
Justice, Antitrust Division, 10th Street & Pennsylvania Avenue NW, 
Washington, DC 20530; and (3) the U.S. Department of Transportation, 
Office of the General Counsel, 1200 New Jersey Avenue SE, Washington, 
DC 20590.
    5. This notice will be published in the Federal Register.

    Decided: October 20, 2026.

    By the Board, Anika S. Cooper, Chief Counsel, Office of Chief 
Counsel.
Kenyatta Clay,
Clearance Clerk.
[FR Doc. 2026-21628 Filed 10-21-26; 8:45 am]
BILLING CODE 4915-01-P


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