Plymouth & Brockton Street Railway Company (www.p-b.com), an independent, family-owned transportation business serving the South Shore, Cape Cod, and Greater Boston area since 1888, will have a new owner later this month.
Pembroke, MA entrepreneur Winthrop Sargent confirmed today that he plans to purchase the iconic business from the Anzuoni family, which has held ownership of the company for more than 70 of its 130-plus years. Current plans call for the transfer of ownership to take place in late April; and, before the transfer occurs, there will also be a hearing before the Department of Public Utilities on April 9.
With this anticipated change of ownership, though, the existing leadership of the company – the Anzuoni family – will continue in management roles with the business.
Sargent, who is the founder and principal of Winthrop Capital, which provides financial and strategic solutions to a wide range of clients, will be the majority shareholder in the company and will have two additional partners who will along with him comprise the leadership team.
The sale price for the proposed transaction was not divulged. Sargent will serve as the transportation company’s chairman/CEO. He will be joined in the management/leadership team by John Cogliano former Massachusetts Secretary of Transportation and chairman and CEO of the Massachusetts Turnpike Authority, and Paul Fuerst, of Fuerst & Associates, P.C., a CPA tax advisory firm with offices in Norwood and Boston.
“I’m especially pleased to report that the current leadership of the Anzuoni family will continue to be a key part of this company.,” said Sargent. “We see this as a continuation of a strong and respected area business.” The acquisition will also include two other companies under the ownership of the Anzuoni family: Brush Hill Transportation, located in Randolph; and McGinn Bus Company of Lynn.
Sargent said that, while the three companies will still operate independently, he anticipates greater integration of their services so that Plymouth & Brockton and its sister companies will become an even stronger, regional transportation company.
Plans call for all of the current employees, in excess of 100, to remain with the company under the proposed new ownership. Sargent said that the current leadership, which represents the third generation of the Anzuoni family, will continue to fill management roles. George Anzuoni and his brother Richard, who were the second generation of the family to lead the business, will also remain as part of the organization, serving on the Board of Advisors.
Sargent anticipates implementing a number of improvements, including modernizing the fleet of buses and other vehicles, technological upgrades and an overall effort to see how the company can further improve its service to the region.
Christopher Anzuoni, who serves as Vice President of Plymouth & Brockton, said, “We are all very delighted to join forces with Win and his team. Plymouth & Brockton has a strong history; although most people associate the company with our name, it had a number of owners before us, and we believe that this next step will be a good one for everybody.”
Sargent brings considerable business experience to the new venture. Winthrop Capital has grown through its work with banks, accounting firms and other professional services. The firm’s core services have included providing interim CFO service in an advisory role or in the repair of a company’s financials, or business systems, as well as underwriting, structuring and placement of both debt and equity capital, and working with firms in the mergers and acquisitions space.