Spartan Motors has sold the assets of Road Rescue to Allied Specialty Vehicles, a portfolio company of American Industrial Partners
THE TRANSACTION
On September 20th, 2010, Spartan Motors sold the assets of Road Rescue to Allied Specialty Vehicles, a portfolio company of AIP. DPP initiated the Transaction and acted as financial advisor to support Spartan Motors’ internal team in completing the Transaction. Varnum LLP provided legal counsel for Spartan Motors.
Our Client
SPARTAN MOTORS, INC.
Spartan Motors, Inc. (“Spartan Motors” or the “Company”) designs, engineers and manufactures specialty chassis, specialty vehicles and truck bodies and aftermarket parts for the outdoor recreation/RV, emergency response, defense, government services, and delivery and service markets. The Company's brand names are known for quality, value, service and being the first to market with innovative products. Spartan Motors reported sales of $430 million in 2009 and is focused on becoming a global leader in the manufacture of specialty vehicles and chassis.
ROAD RESCUE, INC.
Road Rescue, Inc. (“Road Rescue”) a wholly owned subsidiary of Spartan Motors, is a leader in the design, engineering, and manufacturing of premium quality custom ambulances.
Transaction Partner
ALLIED SPECIALTY VEHICLES
Allied Specialty Vehicles (“ASV”) with revenue of approximately $1 billion, is a market leader in three industry segments: Fire & Emergency, Recreational Vehicles, and Bus & Industrial. The Company was formed through the combination of four existing portfolio companies of American Industrial Partners: E-ONE, Inc., Collins Industries, Inc., and Halcore Group, Inc.; with Fleetwood RV, Inc. to be combined in Q4 2010.
AMERICAN INDUSTRIAL PARTNERS
American Industrial Partners (“AIP”) is an operationally focused middle market private equity firm comprised primarily of multi-disciplined engineers and experienced operators which makes control investments in North American based industrial businesses and implements strategies to grow the earnings of those businesses. AIP is currently investing its fourth fund, $405.5 million American Industrial Partners Capital Fund IV, LP.
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Automotive & Truck
Automotive & Truck
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