Excerpts from finance.yahoo.com:
REV Group (REVG), a $2+ billion manufacturer of industry-leading specialty vehicle brands and leading provider of parts and services, today announced the acquisition of Ferrara Fire Apparatus, Inc. (“Ferrara”), a leading custom fire apparatus and rescue vehicle manufacturer that engineers and manufactures vehicles for municipal and industrial customers. The Ferrara product portfolio includes multiple fire apparatus configurations tailored to the specific requirements and demands of the fire service industry – including custom-builds on their own chassis as well as solutions on commercially available chassis such as Freightliner and International. This acquisition enhances REV’s product offering in its Fire Group within its Fire & Emergency segment, particularly with custom chassis pumpers, aerials, and industrial apparatus.
“We are pleased to welcome Ferrara to the line-up of our premier portfolio of fire brands which includes E-ONE and KME,” said Dan Peters, President of REV Fire Group. “The Ferrara brand has a long history of product innovation built around a commitment to heavy duty vehicle construction.” Peters added, “The addition of Ferrara to the REV Fire Group enables a number of new growth opportunities including expansion of our reach nationwide and adding new geographical regions and key accounts. We look forward to building upon the success of the Ferrara brand with an emphasis on driving new product innovation and exceeding customers’ expectations.”
Tim Sullivan, CEO, REV Group, Inc. commented, “We are extremely pleased to have Ferrara Fire Apparatus join our team at REV. Ferrara further strengthens our brand offering of fire apparatus vehicles and market presence, adding a diverse product portfolio that is complementary to our line of great American-made specialty vehicles. Ferrara will immediately contribute strategic value by expanding the REV Fire Group national footprint, dealer sales network, service and after-market parts revenue as well as enhancing our robust line of custom chassis and aerial products for multiple market segments.”
Headquartered in Holden, LA, Ferrara employs more than 450 employees with annual revenue of approximately $140 million. The acquisition of Ferrara Fire Apparatus, Inc. closed on April 25, 2017. Contemporaneous with the acquisition, REV has refinanced its debt facilities to include a new $350 million Asset Based Lending (ABL) revolving credit facility and a $75 million 5-year Term Loan. Details are available in the 8-K filed today with the SEC.
#1 by CrabbyMilton on May 3, 2017 - 6:30 AM
Well, when there are only 3 builders left then I would start to worry. I can think of 7 off the top.
SEAGRAVE, PIERCE, REV, SPARTAN, ROSENBAUER, SUTPHEN, HME. Plus if a builder becomes defunct because they stink, who’s fault is that?
#2 by Ted on May 2, 2017 - 3:35 PM
I think we are all screwed!!! with this happening, and the Spartan Motor’s dismantling of Smeal group, I think we are leading down the path of monopolies, and price control. I am leery of how this is not getting to the degree of a monopoly, just wait and see how our choices will collapse !
#3 by Brian on April 27, 2017 - 11:19 AM
Ferrara is the current straight stick aerial contract for FDNY while KME has the engines. I agree and being very familiar with Ferrara, they build a nice rig but the cost shows in the bid process.
#4 by CrabbyMilton on April 27, 2017 - 7:00 AM
They may just call it KMEONE.
All kidding aside, such a merger/acquisition will either be very good or very bad. The good ones will cause bad ones to become good or the bad ones will cause the good one’s to become bad. You can’t help wonder what specific models will disappear over time. The market will determine this and like the masses, any number of depts. won’t care who’s name is on the rig. They’ll only care about the price and will the blasted thing work as prescribed.
Many of us care and have an interest in history and heritage but you must put yourself in the place of those that don’t at times.
#5 by Bill Post on April 26, 2017 - 8:39 PM
I hope that each of the 3 major brands that REV group owns operate independently and not become a new hybrid one size fits all conglomeration. Each one has their own unique styles and characteristics and they should operate independently. For example I would still like to see each be able to bid separately on contracts.
A few years ago, around 2009, E-One and Ferrara submitted bids for rear mounted aerial ladders in Chicago. E-One was the lowest bidder and Ferrara was the highest. It turns out SpartanERV/Crimson received the contract. In other words I don’t want to see a new brand take over for E-One and Ferrara. KME, unlike E-One and Ferrara, doesn’t have as good a reputation for quality, however recently they received multi-year contracts from New York City to build engines. Perhaps their quality has been improving.