New Flyer confirms purchase of North American Bus Industries, Inc.
WINNIPEG--New Flyer Industries Inc. has acquired North American Bus Industries, Inc. from an affiliate of Cerberus Capital Management L.P. for cash consideration of approximately US$80 million, virtually all for the satisfaction of affiliate debt.
The Company has now received confirmation of the wire transfers of funds and confirms the completion of the acquisition and related financing transactions involving Marcopolo S.A. and the Company's amended and restated senior credit facility.
New Flyer is a leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company is the industry technology leader and offers the broadest product line including drive systems powered by: clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. All buses are supported by an industry-leading comprehensive warranty and support program, and service network. New Flyer and NABI also operate the transit industry's most sophisticated aftermarket parts organization, sourcing parts from hundreds of different suppliers and providing support for all types of heavy-duty transit buses.
Together New Flyer and NABI employ over 3,000 team members with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. Further information is available on New Flyer's web site at www.newflyer.com. The common shares and convertible unsecured subordinated debentures of the Company are traded on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U, respectively.
Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms. Cerberus has more than US $20 billion under management invested in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. From its headquarters in New York City and large network of affiliate and advisory offices in the US, Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies in countries around the world.