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.
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,...
Notice Tentatively Approving and Authorizing Finance Transaction.
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.)
According to the application, Reliant's upstream ownership forms part of a broader transportation investment platform affiliated with Tiger Infrastructure, a private equity
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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:
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);
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);
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);
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);
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);
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);
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);
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
( printed 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
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]
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.)
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.)
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
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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
( printed 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),
see49 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,
see49 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
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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.
See49 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
www.stb.gov.
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.
Footnotes
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).
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.)
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.)
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.)
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.)
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.)
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.,
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
(last visited Oct. 20, 2026).
Use this for formal legal and research references to the published document.
91 FR 66769
Web Citation
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Use this when citing the archival web version of the document.
“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.,” thefederalregister.org (October 22, 2026), https://thefederalregister.org/documents/2026-21628/reliant-transportation-group-llc-tip-mnc-acquisition-llc-tip-mn-investments-lp-and-tiger-infrastructure-partners-fund-iv.