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Ken Grenda Photo: Josh Robenstone
The past 12 months have been a lot less eventful for Ken Grenda after the sale of his family’s bus company to Melbourne operator Ventura in November 2011. Unlike most corporate transactions, the sale made the front pages when Grenda gave his staff a $15 million bonus for their hard work and loyalty.
The business, which was started in 1924 as a milk carrier by Ken’s father George, was turning over nearly $500 million at the time of its sale. Soon after, the family offloaded its stake in Australian Transit Enterprises, which has bus operations in other states, and sold 75 per cent of coach-building business Volgren to Brazilian bus maker Marcopolo.
The sale proceeds have been split evenly among Grenda and his wife, Margaret, their five children and their offspring.
As the family patriarch told BRW last year: “It made sense that you don’t want to do a Gina Rinehart and the kids inherit when they’re 80.”