Blue Bird Corp. has announced the signing of a definitive agreement to be acquired by an affiliate of Cerberus Capital Management. Terms of the transaction were not disclosed.
Jeffry Bust, president and CEO of Blue Bird, said the acquisition is "a significant step forward ensuring Blue Bird will remain one of the world’s leading school and commercial bus manufacturers. 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 adviser to Blue Bird in connection with the transaction.
In late January, Blue Bird Corp. filed a prepackaged restructuring plan with the U.S. Bankruptcy Court, District of Nevada. The plan was confirmed by the court and became effective within a few days.
Cerberus, a New York-based hedge fund that invests in distressed companies, acquired North American Bus Industries, a manufacturer of transit buses, earlier this year.