FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading
independent designer and manufacturer of school buses, today announced
that it has entered into a Securities Repurchase Agreement with
investment funds managed by Coliseum Capital Management, LLC. Under the
terms of the Securities Repurchase Agreement, Blue Bird has agreed to
purchase all of Coliseum’s shares of common stock, its shares of the
Company’s preferred stock, and its warrants to acquire common stock. The
Company agreed on an aggregate purchase price of $32.1 million,
reflecting a price per share of common stock of $18.65. Blue Bird will
fund the repurchase with cash on hand. The share repurchase is made
pursuant to Blue Bird’s existing share repurchase program of up to $50
million.
Effective upon the closing of the Company’s acquisition of the
Transaction Securities, Adam Gray, Managing Partner at Coliseum Capital
Management, will resign from the Blue Bird Board. “It has been exciting
to help an iconic brand go public and to support an outstanding
management team's vision and mission,” said Adam Gray. “It has been a
pleasure to have worked with American Securities in their stewardship of
the Company and we are delighted with the growth in shareholder value we
have realized since our initial investment in February 2015. I look
forward to seeing Blue Bird continuing to grow and thrive.”
“We appreciate the support that Adam Gray and Coliseum have provided to
Blue Bird over the past few years,” said Phil Horlock, President and CEO
of Blue Bird. “Adam has contributed significantly in his capacity as a
director on the Board and we are pleased that Coliseum has realized a
significant return on its investment.”
Blue Bird will continue its share repurchase program and will provide a
progress update at its fourth quarter earnings conference call in
December.
About Blue Bird Corporation
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170926006725/en/
Blue Bird Corporation
Mark Benfield, 478-822-2315
Investor
Relations & Government Affairs
[email protected]
Source: Blue Bird Corporation