Victorian bus company Ventura Bus Lines Pty. Ltd. is understood to have hired investment bank Goldman Sachs for a sale that could reap the family-owned enterprise more than $500 million. Logical acquirers include the listed bus operator Kelsian Group Limited, which has been vocal about its interest in winning more domestic contracts to grow earnings.

Other contenders include Kinetic (Tasmania) Pty Ltd, which is controlled by Infrastructure Capital Group and OPTrust and owns half of Go-Ahead; ComfortDelGro Australia, whose Singaporean owners have tried to float in Australia in recent years; and private equity firm Kohlberg Kravis Roberts, which operates Ritchies Transport buses in New Zealand.