Claims Overwhelming Lead in Alternative Fuel School Buses
Blue Bird Bus is now a public company, trading under the Nasdaq symbol BLBD. Hennessy Capital Acquisition says it took Blue Bus public via its acquisition of School Bus Holdings, Inc., “which, through its subsidiaries, conducts its business under the ‘Blue Bird’ name,” from The Traxis Group, which is majority-owned by funds affiliated with Cerberus Capital Management.
Cerberus affiliates will continue to own approximately 58% of the outstanding common shares of the new Blue Bird Corporation, a release explains.
The new organization will have a new board. Among its members are president and CEO, Phil Horlock, who will continue to serve in those roles.
CNG and Propane Autogas
“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,” the announcement states.
“In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered and compressed natural gas-powered school buses – the firm claims “six times more school buses powered by alternative fuels than all other manufacturers combined” and an overall school bus market share estimated at 30%.
School Buses only
The school bus market is Blue Bird’s exclusive focus.
Blue Bird manufactures school buses at two facilities in Fort Valley, Ga. Its Micro Bird joint venture operates a factory in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio.
“We will continue to pursue new opportunities that drive customer satisfaction, growth and profitability,” Horlock said in this week’s announcement.
Jeff Merten directs new business development at Blue Bird.
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Source: Blue Bird Corp with Fleets & Fuels follow-up
Blue Bird Corporation has become a public company, trading under the ticker symbol NASDAQ:BLBD as of February 25.