New Flyer acquired by New York equity firms

New Flyer Industries Ltd., the largest manufacturer of heavy-duty transit buses in North America, is being acquired by two private equity firms based in New York, reported the Associated Press. Harvest Partners Inc. partnered with Lightyear Capital LLC to acquire New Flyer from KPS Special Situations Funds, which in 2002 had bought a controlling interest in the company for $28 million in equity. The acquisition, for which the value was not disclosed, is expected to close in the first quarter of 2004. John Marinucci, New Flyer's president and chief executive, will continue to lead the company and maintain a significant ownership, the buyers said.