Cerberus Capital Management has completed the sale of North American Bus Industries to New Flyer, a manufacturer of heavy-duty buses, for $80 million. Cerberus acquired North American Bus Industries in 2006.
North American Bus Industries (NABI) is a manufacturer of transit buses and a provider of aftermarket parts. NABI has manufacturing operations in Anniston, AL, a centralized parts distribution center in Delaware, OH and a service center in Jurupa Valley, CA (www.nabusind.com).
New Flyer (TSX:NFI) is a manufacturer of heavy-duty transit buses in Canada and the United States. The company’s product line includes drive systems powered by: clean diesel, natural gas and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. Together New Flyer and NABI have over 3,000 employees with manufacturing, fabrication, parts distribution and service centers in both Canada and the United States. New Flyer is headquartered in Winnipeg (www.newflyer.com).
Cerberus Capital Management has approximately $20 billion of capital under management and invests in four primary strategies: distressed securities & assets; control and non-control private equity; commercial mid-market lending and real estate-related investments. The firm was founded in 1992 and is headquartered in New York (www.cerberuscapital.com).
“We are proud to have supported NABI’s successful operational and financial turnaround led by its President and CEO, Jim Marcotuli, and the talented NABI management team,” said Dev Kapadia, a Cerberus Managing Director. “NABI has made great strides under Cerberus ownership, developing and successfully marketing a variety of innovative new vehicles. Under our stewardship, the company has been transformed into a sustainably profitable enterprise. New Flyer is a world-class company, and this combined entity will be positioned to provide customers with an enhanced product offering and superior customer service.”
© 2013 PEPD • Private Equity’s Leading News Magazine • 6-24-13
