From the REV website:
REV Group, Inc. (NYSE: REVG), a manufacturer of industry-leading specialty vehicle brands, announced today it has completed the acquisition of Spartan Emergency Response (Spartan ER), a leading designer, manufacturer and distributor of custom emergency response vehicles, cabs, and chassis for the emergency response market, and its brands, from Spartan Motors, Inc. (NASDAQ: SPAR) effective February 1, 2020. Spartan ER was acquired for approximately $55 million in cash, subject to a net working capital adjustment and certain liabilities of the business to be retained by Spartan Motors, Inc. post-closing.
Spartan Emergency Response and its brands, Spartan Fire Apparatus and Chassis, Smeal Fire Apparatus, Ladder Tower (LTC), and UST, will immediately become part of REV’s Fire & Emergency segment. The newly combined business will further solidify F&E as a top-two North American fire apparatus manufacturer offering significant production scale, diverse product offerings, wide-ranging channel relationships, and broad geographic sales coverage.
“We are excited to acquire a top North American fire apparatus manufacturer of scale with a well-recognized, innovative and broad product offering, long-standing relationships with dealers and municipal customers, and a growing installed base of over 6,000 vehicles[1],” states Tim Sullivan, President and CEO of REV Group. “It’s our long-term strategy to continue to grow this segment, as well as continue to establish REV Group as a leader in the innovation of fire apparatus and other emergency response vehicles.”
As of September 30, 2019, Spartan ER generated last twelve months (“LTM”) net revenues of $253.3 million and acquired Spartan ER backlog represents approximately 74 percent of anticipated calendar 2020 sales.
