Stephen Story and Diane Story Hall. (Courtesy James River Transportation)
After nearly 100 years in Central Virginia, a local transit company has been picked up by new owners.
James River Transportation was sold Sept. 22 to New Jersey-based Academy Bus Charter.
The deal included JRT’s fleet of nearly 100 buses and vehicles, equipment and its book of business. Terms were not disclosed.
JRT was founded in 1928 in Buckingham County as a shuttle service for folks in rural Virginia looking to get to Richmond. In time it grew into a full transit company, primarily offering charter bus and van services. Since 1998, JRT has been headquartered at 915 N. Allen Ave. near the Sauer Center.
The sellers were brother-sister duo Stephen Story and Diane Story Hall, who have run the business in recent years after taking it over from their late father, Woody Story. Woody bought JRT in the 1970s after working there for about 20 years. Stephen said it’s common in the industry for transportation companies to be family-owned.
“The transportation business in general has been passed along from one generation to another. There’s a lot of family businesses there and it’s difficult when everyone has their own thoughts,” Story said. “Diane and I were fortunate, we had similar goals and supported each other.”
Academy operates throughout the East Coast and Stephen said they saw Richmond as a gap in their service area. He said his family have had plenty of offers from buyers in recent years, but that they were drawn to the fact that Academy was also family-owned.
“We always have (received offers). Especially in the past 10 years, there’s been a lot of investment organizations, capital investors and private equity companies that were really into investing in small-to-medium sized (transportation) businesses that had good financial performance history,” Story said.
“Frankly, we probably could have gotten a little bit more money from some of these investment groups. Probably not a huge amount, but our goal was to make sure that our employees were taken care of and we weren’t going to abandon our customer base in Central Virginia.”
Of JRT’s staff of around 80, Story said all but a few stayed on through the deal, and those that left chose to retire.
The company’s buses will soon operate under the Academy Bus Charter name. (Mike Platania photo)
JRT will now operate under the Academy Bus Charter name, something Story said was difficult for him to come to grips with.
“The name change was very strange for me. It’s our 95th anniversary and at times I felt like I was letting down tradition,” he said.
“I still feel a bit of tough feelings that the name’s going away on my watch. But the benefit is I know I’m handing it off to good hands.…(The sale) is a real good business decision, I’m just getting over the personal and emotional part.”
JRT reached terms with Academy months ago but the deal required the review of a federal agency, the Surface Transportation Board, which approved it in mid-July.
While the sale gave Academy control of the bulk of JRT’s assets, the Story family held on to its real estate and is leasing the 4.3-acre plot on Allen Avenue back to Academy for at least three years.
“Academy will either purchase (915 N. Allen Ave.) or some other location,” Story said, noting that it’s his understanding Academy likes to own its locations.
“(The lease) gives them some time to determine what’s best for their operations and whether they’ll move outside of Richmond or find a different location in Richmond and purchase that.”
Over the summer, the Story family sold a lot across the street to Spy Rock Real Estate Group for nearly $8 million. Construction on Spy Rock’s planned 300-unit apartment building is already underway on the site.
Following the deal, Diane will be retiring and her son Jason Hall will be staying on as general manager of Academy’s Richmond operations.
Stephen said he’ll be staying on for a bit through the transition, but he’s also putting his energy into his 90s rock cover band, Tropical Johnson.
The group of friends got together in the late 80s and played for about a decade until they went on hiatus to raise their families. In 2022, Story said they got the band back together.
“We play once a month around town,” said Story, who plays bass in the band. “Apparently there’s a market for a bunch of old guys playing classic rock music.”
Stephen Story and Diane Story Hall. (Courtesy James River Transportation)
After nearly 100 years in Central Virginia, a local transit company has been picked up by new owners.
James River Transportation was sold Sept. 22 to New Jersey-based Academy Bus Charter.
The deal included JRT’s fleet of nearly 100 buses and vehicles, equipment and its book of business. Terms were not disclosed.
JRT was founded in 1928 in Buckingham County as a shuttle service for folks in rural Virginia looking to get to Richmond. In time it grew into a full transit company, primarily offering charter bus and van services. Since 1998, JRT has been headquartered at 915 N. Allen Ave. near the Sauer Center.
The sellers were brother-sister duo Stephen Story and Diane Story Hall, who have run the business in recent years after taking it over from their late father, Woody Story. Woody bought JRT in the 1970s after working there for about 20 years. Stephen said it’s common in the industry for transportation companies to be family-owned.
“The transportation business in general has been passed along from one generation to another. There’s a lot of family businesses there and it’s difficult when everyone has their own thoughts,” Story said. “Diane and I were fortunate, we had similar goals and supported each other.”
Academy operates throughout the East Coast and Stephen said they saw Richmond as a gap in their service area. He said his family have had plenty of offers from buyers in recent years, but that they were drawn to the fact that Academy was also family-owned.
“We always have (received offers). Especially in the past 10 years, there’s been a lot of investment organizations, capital investors and private equity companies that were really into investing in small-to-medium sized (transportation) businesses that had good financial performance history,” Story said.
“Frankly, we probably could have gotten a little bit more money from some of these investment groups. Probably not a huge amount, but our goal was to make sure that our employees were taken care of and we weren’t going to abandon our customer base in Central Virginia.”
Of JRT’s staff of around 80, Story said all but a few stayed on through the deal, and those that left chose to retire.
The company’s buses will soon operate under the Academy Bus Charter name. (Mike Platania photo)
JRT will now operate under the Academy Bus Charter name, something Story said was difficult for him to come to grips with.
“The name change was very strange for me. It’s our 95th anniversary and at times I felt like I was letting down tradition,” he said.
“I still feel a bit of tough feelings that the name’s going away on my watch. But the benefit is I know I’m handing it off to good hands.…(The sale) is a real good business decision, I’m just getting over the personal and emotional part.”
JRT reached terms with Academy months ago but the deal required the review of a federal agency, the Surface Transportation Board, which approved it in mid-July.
While the sale gave Academy control of the bulk of JRT’s assets, the Story family held on to its real estate and is leasing the 4.3-acre plot on Allen Avenue back to Academy for at least three years.
“Academy will either purchase (915 N. Allen Ave.) or some other location,” Story said, noting that it’s his understanding Academy likes to own its locations.
“(The lease) gives them some time to determine what’s best for their operations and whether they’ll move outside of Richmond or find a different location in Richmond and purchase that.”
Over the summer, the Story family sold a lot across the street to Spy Rock Real Estate Group for nearly $8 million. Construction on Spy Rock’s planned 300-unit apartment building is already underway on the site.
Following the deal, Diane will be retiring and her son Jason Hall will be staying on as general manager of Academy’s Richmond operations.
Stephen said he’ll be staying on for a bit through the transition, but he’s also putting his energy into his 90s rock cover band, Tropical Johnson.
The group of friends got together in the late 80s and played for about a decade until they went on hiatus to raise their families. In 2022, Story said they got the band back together.
“We play once a month around town,” said Story, who plays bass in the band. “Apparently there’s a market for a bunch of old guys playing classic rock music.”
I worked with Stephen a number of years ago. JRT has been a 1st class family business. Sad to see that the James River name will be going away, but good to know that it will remain a part of a family business dedicated to transit services.
Academy’s ratings outside of NYC are good with the occasion non-user (in another vehicle or on the street) posting about poor driving or illegal parking but they NYC reviews are terrible. Is this the same company that runs the Culpeper, Warrenton, DC (and other east coast commuter and intercity) line?
YES!
I have known Stephen for many years. When the timing is right that’s when you take action. Obviously, Stephen and his sister thought the timing was right.
Stephen is probably too young to retire. I’m looking forward to see what his follow up act is, in addition to the band.
Story ran an excellent business and there’s no shame in stepping away from it while protecting his employees.
The Story family has always been a first class family who ran a first class transportation company. I was lucky that Mr. Story hired me from Carolina Trailways.