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Fort Valley, Ga.-based Blue Bird Corp. has announced the signing of a definitive agreement to be acquired by an affiliate of Cerberus Capital Management, L. P., a leading investment firm.
Terms of the transaction were not disclosed, according to a joint release from Cerberus and Blue Bird, which for years has marketed the high-end Blue Bird Wanderlodge motorhome on a low volume scale.
“The acquisition is a significant step forward, ensuring Blue Bird will remain one of the world’s leading school and commercial bus manufacturers,” said Blue Bird President and CEO Jeffrey Bust. “The acquisition also provides financial stability for our distributors, suppliers and employees.”
The proposed transaction is expected to close in September. Kroll Zolfo Cooper LLC served as the exclusive financial advisor in connection with the transaction for Blue Bird, which markets a complete line of Type A, C and D school buses in a variety of options and configurations and oversees an extensive network of distributors and service-parts facilities throughout North America.
Established in 1992, Cerberus Capital Management, LP is one of the world’s leading private investment firms, the release states. Additional information is available at www.cerberuscapital.com and www.blue-bird.com.