Apr. 25th, 2017
MILWAUKEE--(BUSINESS WIRE)--
REV Group (NYSE:REVG), a $2+ billion manufacturer of industry-leading
specialty vehicle brands and leading provider of parts and services,
today announced the acquisition of Ferrara Fire Apparatus, Inc.
(“Ferrara”), a leading custom fire apparatus and rescue vehicle
manufacturer that engineers and manufactures vehicles for municipal and
industrial customers. The Ferrara product portfolio includes multiple
fire apparatus configurations tailored to the specific requirements and
demands of the fire service industry – including custom-builds on their
own chassis as well as solutions on commercially available chassis such
as Freightliner and International. This acquisition enhances REV’s
product offering in its Fire Group within its Fire & Emergency segment,
particularly with custom chassis pumpers, aerials, and industrial
apparatus.
“We are pleased to welcome Ferrara to the line-up of our premier
portfolio of fire brands which includes E-ONE and KME,” said Dan Peters,
President of REV Fire Group. “The Ferrara brand has a long history of
product innovation built around a commitment to heavy duty vehicle
construction.” Peters added, “The addition of Ferrara to the REV Fire
Group enables a number of new growth opportunities including expansion
of our reach nationwide and adding new geographical regions and key
accounts. We look forward to building upon the success of the Ferrara
brand with an emphasis on driving new product innovation and exceeding
customers’ expectations.”
Tim Sullivan, CEO, REV Group, Inc. commented, “We are extremely pleased
to have Ferrara Fire Apparatus join our team at REV. Ferrara further
strengthens our brand offering of fire apparatus vehicles and market
presence, adding a diverse product portfolio that is complementary to
our line of great American-made specialty vehicles. Ferrara will
immediately contribute strategic value by expanding the REV Fire Group
national footprint, dealer sales network, service and after-market parts
revenue as well as enhancing our robust line of custom chassis and
aerial products for multiple market segments.”
Headquartered in Holden, LA, Ferrara employs more than 450 employees
with annual revenue of approximately $140 million. The acquisition of
Ferrara Fire Apparatus, Inc. closed on April 25, 2017. Contemporaneous
with the acquisition, REV has refinanced its debt facilities to include
a new $350 million Asset Based Lending (ABL) revolving credit facility
and a $75 million 5-year Term Loan. Details are available in the 8-K
filed today with the SEC.
About REV Group
REV (REVG)
is a leading designer, manufacturer and distributor of specialty
vehicles and related aftermarket parts and services. REV serves a
diversified customer base primarily in the United States through three
segments: Fire & Emergency, Commercial and Recreation. REV provides
customized vehicle solutions for applications including: essential needs
(ambulances, fire apparatus, school buses, mobility vans and municipal
transit buses), industrial and commercial (terminal trucks, cut-away
buses and street sweepers) and consumer leisure (recreational vehicles
(“RVs”) and luxury buses). REV’s brand portfolio consists of 29
well-established principal vehicle brands including many of the most
recognizable names within our served markets. Several of REV’s brands
pioneered their specialty vehicle product categories and date back more
than 50 years. Investors-REVG
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of
the safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995, including: statements regarding the acquisition of
Ferrara, its integration into REV’s business and the future performance
of REV. Forward-looking statements can be identified by words such as:
“anticipate,” “intend,” “plan,” “goal,” “believe,” “estimate,” “expect,”
“strategy,” “future,” “likely,” “may,” “should,” “will,” and similar
expressions and references to future periods. The forward-looking
statements in this release are only predictions. REV has based these
forward-looking statements largely on its current expectations and
projections about future events and financial trends that it believes
may affect its business. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements made. Important factors that could cause
actual results and events to differ materially from those indicated in
the forward-looking statements, including the risk that the anticipated
benefits and synergies from the acquisition cannot be fully realized or
may take longer to realize than expected; the possibility that costs or
difficulties related to the integration of Ferrara’s operations will be
greater than expected; and the risk that the benefits to our business of
the acquisition will not meet our expectations. For additional
disclosure regarding risks related to REV’s business, see the disclosure
contained in the “Risk Factors” section of REV’s Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on March 7,
2016, available on the SEC’s website at http://www.sec.gov.
The forward-looking statements in this release represent REV’s views as
of the date of this release. REV undertakes no obligation to publicly
update any forward-looking statements whether as a result of new
information, future developments or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170425006493/en/
REV Group
Dean Nolden, 1-414-290-0193
Chief
Financial Officer
[email protected]
Source: REV Group
