Allied Specialty Vehicles (ASV) today announced that it has entered a definitive agreement to acquire the bus business of Thor Industries Inc. for $100 million in cash, subject to closing adjustments. The transaction is subject to customary closing conditions and is expected to be completed by November 1, 2013.
Thor's bus business includes Champion Bus Inc., General Coach America Inc., Goshen Coach Inc., El Dorado National California Inc., and El Dorado National Kansas Inc., which combined represent one of the largest producers of transit and shuttle buses in North America with bus segment sales of approximately $450 million for the fiscal year ended July 31, 2013.
"We are excited to add the Thor bus business to our diverse line-up of specialty vehicles," said Peter Guile, President/CEO of Allied Specialty Vehicles. "We view the opportunity to expand our business into the transit and shuttle bus markets as a key initiative in broadening our markets and providing products that meet the needs of our dealers and end consumers and we are eager to welcome these new bus brands to the ASV family."
"Although the bus business has been a valuable part of Thor, this transaction allows us to focus on maintaining and growing our leadership position in our core recreation vehicle (RV) business," said Peter B. Orthwein, Thor Chairman.
Thor will continue to own and operate the bus business until the closing date of the sale.
ASV is a +$1 billion manufacturer comprised of industry leading brands serving fire & emergency, recreational and commercial vehicle markets.