USA Allied Specialty Vehicles (ASV) has entered a firm agreement to acquire the bus business of Thor Industries for $100m in cash, subject to closing adjustments.
The transaction is subject to customary closing conditions and is expected to be completed by November 1, 2013.
Thor’s bus business includes Champion Bus, General Coach America, Goshen Coach, El Dorado National California and El Dorado National Kansas, which combined represent one of the largest producers of transit and shuttle buses in North America with bus segment sales of approximately $450m for the fiscal year ended July 31, 2013.
Thor will continue to own and operate the bus business until the closing date of the sale.
Peter B. Orthwein, Thor Chairman, said: “Although the bus business has been a valuable part of Thor, this transaction allows us to focus on maintaining and growing our leadership position in our core recreation vehicle business.”
