Harvest Exits New Flyer

Harvest Partners has sold its remaining interests in New Flyer Holdings Inc., a manufacturer of y-duty transit buses in the United States and Canada. The company's income deposit securities are publicly-traded on the Toronto Stock Exchange. No financial terms were disclosed.

 

PRESS RELEASE

 

Harvest Partners, LLC, a New York-based private equity investment firm specializing in management buyouts and growth financings of middle-market companies (“Harvest Partners”), announced today that it has sold its remaining investment interests in New Flyer Holdings, Inc. (“New Flyer”).

 

New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada. With a skilled workforce of approximately 2,400 employees, New Flyer is a technology leader, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley as well as energy-efficient gasoline-electric and diesel-electric hybrid vehicles and fuel cell buses. All products are supported with an industry-leading, comprehensive parts and service network. New Flyer's Income Deposit Securities are traded on the Toronto Stock Exchange under the symbol NFI.UN.

 

Harvest Partners acquired New Flyer in February, 2004 in partnership with management and subsequently took the company public through an IPO of Income Deposit Securities on the Toronto Stock Exchange in 2005. Since the acquisition by Harvest, New Flyer's revenue and earnings have increased considerably. Ira Kleinman, Senior Managing Director at Harvest Partners stated, “New Flyer has performed exceptionally well due to its dedicated work force and world-class senior management team, led by John Marinucci.  New Flyer was the market leader when we acquired them and John and his team have only further strengthened New Flyer's market position through their commitment to product innovation and outstanding operational execution.”

 

Subsequent to the IPO, Harvest exited its remaining investment in New Flyer in three separate transactions during 2007 and 2008. During Harvest Partners' ownership, New Flyer significantly increased transit bus production and grew its aftermarket parts and service business, while continually launching innovative and reliable products into the marketplace. Richard Moreau, Principal at Harvest Partners, added, “In addition to manufacturing buses of the highest quality, New Flyer provides its customers with a first-class level of customer service after the bus is delivered, through an industry-leading parts and services organization.  New Flyer offers a comprehensive product and service package to its customer base that is unmatched in the industry.”

 

John Marinucci, Chief Executive Officer of New Flyer, commented, “We have enjoyed an excellent working relationship with the Harvest Partners team and want to thank them for the outstanding support they have given New Flyer.”

 

 

About Harvest Partners

Founded in 1981, Harvest Partners is a New York-based private equity investment firm, pursuing management buyouts and growth financings of middle-market businesses.  Focused on consumer and industrial businesses, Harvest Partners has over 27 years of experience investing in domestic as well as multinational companies.  For more information on Harvest Partners, please visit www.harvpart.com.