SWT was one of three franchises due to start on the same day in Feb 1996. The very first privatised service was a rail replacement bus from Fishguard. The Great Western franchise was bought out by First Group (who already had a minority holding in it) in 1998 and the franchise, now expanded, is still in the same ownership today.
The second franchise to start up would have been a management buyout of the Essex Thameside services, but the franchise was halted literally the evening before startup after the managers in question were found to be involved in accounting irregularities which improved the franchise's financial position at the expense of London Transport. This left SWT to run the very first privatised passenger train.