H.I.G. Capital has sold ARBOC Specialty Vehicles to New Flyer Industries. No financial terms were disclosed. Based in Middlebury, Indiana, ARBOC is a producer of specialty vehicles targeting the low-floor, small and mid-size bus markets.
BOSTON–(BUSINESS WIRE)–H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $24 billion of equity capital under management, is pleased to announce the sale of its portfolio company ARBOC Specialty Vehicles, LLC (“ARBOC” or the “Company”) to New Flyer Industries.
ARBOC is a leading producer of specialty vehicles targeting the low-floor, small and mid-size bus markets throughout North America. The Company’s diverse product portfolio of vehicles is designed to optimize access for all passengers including mobility impaired individuals. ARBOC’s ADA-compliant buses are actively used by both public transit programs and by private fleet operators. ARBOC is based in Middlebury, Indiana, where it manufactures all buses from its 112,000 square foot facility.
Through H.I.G.’s partnership with ARBOC’s executive team and original founders, the Company made significant improvements in commercializing technologies, building continuous product development capabilities, scaling operations, and professionalizing sales and marketing. During H.I.G.’s investment period, ARBOC designed, engineered and produced four new bus models with another two models scheduled for delivery in 2018. ARBOC’s newest bus, The Spirit of Equess expands the portfolio of products into the previously unaddressed segment of the mid-size low-floor bus market.
Don Roberts, ARBOC’s CEO, said, “We are proud of what we accomplished during our partnership with H.I.G. and we are excited to continue ARBOC’s growth trajectory under the New Flyer umbrella. We believe that this transaction is the right step for ARBOC to continue offering our customers superior quality products.” Robb Ledbetter, ARBOC’s CFO, added, “We appreciate H.I.G.’s value-added partnership and investments in the ARBOC organization and are proud of the business we have built. We are also excited by the prospects of our new partnership with New Flyer and what the combined efforts will bring to our customers, employees and vendors.”
“We have had a great partnership with the ARBOC management team and are proud of the success and growth the Company has enjoyed,” commented John Von Bargen, a Managing Director at H.I.G.. “Through substantial investment in people and facilities, with a constant focus on customers, service and quality, ARBOC has developed into a true market leader with differentiated products. We are confident that New Flyer is buying a strong, complementary business and we wish both ARBOC and New Flyer continued success in the future.”
ARBOC Specialty Vehicles, headquartered in Middlebury, Indiana, is the market leader in the low-floor, small- and mid-size bus market. Founded in 2008, the Company’s product portfolio is supported by technology patents that facilitate ADA-compliance. As evidenced by the Company’s recent foray into the medium-duty transit bus segment, ARBOC is uniquely positioned to serve a wide range of end markets: from universities, airports, and public transit to assisted living, special events, and hotels. For more information, please refer to the ARBOC website at www.arbocsv.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $24 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused, value-added approach:
1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.