George Sage never had to put up a “For Sale” sign.
The fact is, he’d been getting calls for a long time from suitors interested in buying his Bonanza Bus Lines. Before deciding to sell the operation to the Texas-base Coach USA, he had as many as eight other offers.
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“A year ago, this was the last thing in the world that I thought I would be doing,” said Sage.
But at 67, Sage said he knew the right thing to do was to secure the company’s future. The fact that potential buyers came knocking at his door made the process that much easier.
“I was never for sale,” said Sage. “I was courted.”
Sage said he was pleased to be able to select Coach USA — an industry giant, he said, with a reputation for adding employees, not firing them. And in fact, Sage does not expect any of his 150 employees to lose their jobs as a result of the acquisition. He also expects bus routes to remain much the same as they have been.
In a letter addressed to employees on Sept. 14, Sage assured them that Coach USA would look out for their best interests. In part, it read; “During my negotiations with Coach USA’s management I have found them to be fair and honorable people, committed to building a strong bus company yet not ignoring that people, namely employees must be respected and appreciated in order to secure this commitment.”
Coach USA is a $900 million public company traded on the New York Stock Exchange. It operates more than 7,000 motor coaches across the country. Coach USA also owns the Rhode Island-based Pawtuxet Valley Bus Lines and Arrow Bus Lines, out of Hartford, Conn.
Bonanza operates more than 50 buses between Providence and most New England and New York cities. The Providence-based company last year grossed $19 million.
Sage will remain with Bonanza as president and chief executive officer. He said last week that the sale for Coach USA is best for Rhode Island, because of the stability it will give the company he has owned since 1955. Bonanza will maintain headquarters at the bus terminal in Providence.
“This is not about a business moving out of Rhode Island,” Sage said.
Coach USA is the largest motor tour and charter services company in America. The company operates in 24 states, Canada and Mexico. Its total fleet of 7,000 buses transported passengers more than 220 million miles in 1997.
The remaining independent lines in Rhode Island are Rhode Island Red, Classic Coach, DiConstanzo Motor Coach Service, Grey Goose Lines, Sarah Jean Bus Tours, Viking Tours and Conway.
Sage has long been a fixture in Rhode Island’s business community and has been recognized for his philanthropic efforts. Bonanza Bus Lines was his successor to the Newport-based Short Line Bus Company, which he bought in 1955. Bonanza then acquired several other bus companies — growing rapidly in the 1960s.
In 1968, Sage bought the Rhode Island Reds, a minor league professional hockey franchise, later moving it from the old Auditorium on North Main Street to the then-new Providence Civic Center. He sold his interest in the team in 1972.
Sage has been involved in a host of civic and philanthropic activities in the Ocean State, most notably, the United Way of Southeastern New England, where a room is named for him. It was at the United Way where Sage earned the 1991 Alexis de Tocqueville Award for lifetime achievement as a volunteer. He is also a trustee of St. Andrews School, a member of the Rhode Island Business Development Board and a director of New England Electric Corporation.
