EV bus outfit TrueGreen Mobility preps $100m raise; MA Moelis mandated
Electric bus outfit TrueGreen Mobility is set to hit the fundraising trail again, setting the scene for investors to cross-check punchy growth forecasts from previous pre-IPO rounds.
TrueGreen last fronted investors in March. Chris Hopkins
Street Talk understands TrueGreen – freshly rebadged to GoZero Group – has mandated MA Moelis Australia to oversee a raise, which could include debt or equity. It is early days and MA Moelis is expected to spend the coming weeks figuring out the deal’s size and structure before fronting prospective investors.
Sources said GoZero could look to raise as much as $100 million. The company’s newly appointed chairman, Stephen Cartwright, confirmed the raising plans but declined to provide further detail when contacted by this column.
Preparations for the capital markets trip come 2½ months after GoZero acquired iconic coach charter company North Sydney Bus Charters, which makes $50 million in revenue and has a 33 per cent EBITDA margin.
GoZero includes several brands that distribute, manufacture and assemble zero-emissions buses. Its Nexport subsidiary is the largest electric bus supplier to the NSW government. It has also branched out into providing consulting services.
Electric dreams
Back in 2021, it hired Goldman Sachs to run a $110 million pre-IPO funding round, which led to Hong Kong’s Tor Investment Management coming onto the shareholder register. It’s had Warren Mundine as an adviser and non-executive director, and also won $20 million from Trevor St Baker. Mundine left the board in May, while St Baker’s representatives departed last year.
Two years ago, potential investors were told to think of $1 billion in revenue and $251 million EBITDA by the 2025 financial year. It will be interesting to see how those forecasts stack up in the latest cash call.
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