Blue Bird becomes a Publicly Traded Company to trade under Ticker
Symbol BLBD Commencing February 25, 2015
HOUSTON & FORT VALLEY, Ga.--(BUSINESS WIRE)--
Hennessy Capital Acquisition Corp. (NASDAQ: HCAC, HCACU, HCACW) (“HCAC”)
(“Hennessy”) today announced the completion of its previously announced
acquisition of School Bus Holdings, Inc., which, through its
subsidiaries, conducts its business under the “Blue Bird” name, from The
Traxis Group B.V., which is majority owned by funds affiliated with
Cerberus Capital Management, L.P. Cerberus affiliates will continue to
own approximately 58% of the outstanding common shares (including shares
issuable upon consummation of the pending public warrant exchange offer
and sponsor warrant exchange and excluding shares issuable upon
conversion of the Company’s Series A Preferred Stock and shares issuable
upon exercise of unsurrendered warrants). The business combination was
approved at Hennessy’s special meeting of stockholders that concluded on
February 23, 2015. Blue Bird is the leading independent designer and
manufacturer of school buses, with more than 550,000 buses sold since
its formation in 1927. As part of the transaction, Hennessy changed its
name to Blue Bird Corporation (NASDAQ: BLBD, BLBDW).
The Company expects that effective Wednesday, February 25, 2015, the
Company will be publicly traded on NASDAQ under common stock ticker
symbol “BLBD,” and the ticker symbol for the Company’s warrants will be
“BLBDW.”
“We are thrilled to have completed our business combination with Blue
Bird,” said Daniel J. Hennessy, the former Chairman and Chief Executive
Officer of Hennessy, who will assume the role of Vice Chairman of the
combined company. “Blue Bird is an iconic brand that has demonstrated
significant growth momentum. We are excited by the prospects for
continued growth as management executes on their strategy.”
The Company will have a new Board of Directors that will bring in six
members of Blue Bird’s existing board. Chan Galbato, CEO of Cerberus
Operations and Advisory Company, LLC, who has served as non-executive
Chairman of the Blue Bird Board of Directors since 2009, will continue
in that capacity with the combined company.
Phil Horlock, President and Chief Executive Officer of Blue Bird, will
continue to serve in those roles and will hold a seat on the new board.
The remainder of the Blue Bird management team will also remain in place
and are committed to continuing to deliver outstanding customer service,
support and value. The Company will remain located in Fort Valley,
Georgia.
“Today is an exciting day for Blue Bird and marks a new chapter in our
history,” commented Phil Horlock. “We have a strong reputation for
product quality as our focus has always been to build the world’s finest
school bus. Our passion for safety, quality, durability and
serviceability runs through our entire workforce and can be seen in the
industry-leading buses we produce every day. We will continue to pursue
new opportunities that drive customer satisfaction, growth and
profitability.”
Chan Galbato stated, “Blue Bird is led by an experienced and committed
management team that is focused on delivering results and maintaining
great relationships with customers, dealers, employees and shareholders.
We look forward to working together to drive continued growth in
shareholder value.”
Hennessy was advised by Sidley Austin LLP and Ellenoff Grossman & Schole
LLP as legal counsel with BMO Capital Markets Corp., Stifel, Nicolaus &
Company Incorporated and XMS Capital Partners, LLC as financial
advisors. Blue Bird was advised by Schulte Roth & Zabel LLP and
Lowenstein Sandler LLP as legal counsel with Evercore as financial
advisor.
About Blue Bird
Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.
Forward Looking Statements & Risk Factors
This press release may include forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements relate
to expectations for future financial performance, business strategies or
expectations for our business. Specifically, forward-looking statements
may include statements relating to:
-
Inherent limitations of internal controls impacting financial
statements
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Growth opportunities
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Future profitability
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Ability to expand market share
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Customer demand for certain products
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Economic conditions that could affect fuel costs, commodity costs,
industry size and financial conditions of our dealers and suppliers
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Labor or other constraints on the Company’s ability to maintain a
competitive cost structure
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Volatility in the tax base and other funding sources that support the
purchase of buses by our end customers
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Lower or higher than anticipated market acceptance for our products
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Ability to be successful in the Company’s appeal of the delisting
determination by the staff of the Listing Qualifications Department of
the NASDAQ Stock Market and to meet NASDAQ’s listing standards,
including having the requisite number of stockholders
-
Other statements preceded by, followed by or that include the words
“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “target” or similar expressions
These forward-looking statements are based on information available as
of the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not be
relied upon as representing our views as of any subsequent date, and we
do not undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as
may be required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the SEC
by Hennessy Capital or the continuing company (available at www.sec.gov),
could cause our actual results to differ materially from estimates or
expectations reflected in such forward-looking statements.
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Blue Bird Corporation
Jeff Merten, (478) 822-2496
Director,
Investor Relations & New Business Development
[email protected]
Source: Blue Bird Corporation