Cerberus Completes Sale of North American Bus Industries, Inc.
NEW YORK, June 21, 2013 /PRNewswire/ -- An affiliate of Cerberus Capital Management, L.P., one of the world's leading private investment firms, has completed the sale of North American Bus Industries, Inc. ("NABI"), the manufacturer of the world's widest range of transit buses, to New Flyer, the leading manufacturer of heavy-duty buses in the U.S. and Canada. The transaction closed today and had a total purchase price of $80 million, substantially all for the satisfaction of affiliate debt. An affiliate of Cerberus acquired NABI in 2006.
"This transaction is a testament to NABI's transformation into a leading transit bus and aftermarket parts supplier," said Chan Galbato, CEO of Cerberus Operations and Advisory Company ("COAC") and former Chairman of NABI. "Over the past seven years, Cerberus and its COAC team have helped NABI build a strong management team and skilled workforce, develop innovative product platforms, establish a highly efficient manufacturing footprint and attain one of the top reputations in the industry."
"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."
NABI has manufacturing operations in Anniston, Alabama, a centralized parts distribution center in Delaware, Ohio and a service center in Jurupa Valley, California. In addition to transit bus manufacturing operations, the company operates a sophisticated aftermarket parts business.
About Cerberus Capital Management, L.P.
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.
About Cerberus Operations and Advisory Company, LLC
Cerberus Operations and Advisory Company, LLC, is an affiliate of Cerberus Capital Management, L.P., with over 100 operations and management executives from a wide spectrum of industries and disciplines. COAC assists Cerberus in sourcing, analyzing and monitoring portfolio company investments, and assists its portfolio companies in areas such as general operations and management, risk management, human resources, sales and marketing, information technology, legal, 6-sigma, and procurement.
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SOURCE Cerberus Capital Management, L.P.