REV Group, Inc. recently sold two of its shuttle bus businesses to Forest River, effective May 8.
REV Group, a manufacturer of specialty vehicle brands, announced today that the sale to Forest River is now complete. Financial details have been described within a Current Report on Form 8-K that is being filed with the SEC today.
“We continue to review our businesses and align the portfolio to achieve our strategic objectives and create shareholder value,” said Rod Rushing, REV Group President and CEO. “The divestiture of our shuttle bus business provides an opportunity to improve our portfolio profitability, reduce debt and renew our focus on reducing our leverage.”
Proceeds from the sale will be used to pay down outstanding borrowings under the REV Group’s ABL debt facility.
“We are committed to improving our operations to achieve best-in-class performance in each of our business segments,” Rushing said. “I appreciate the hard work and dedication of our shuttle business employees and wish them success.”
REV Group is a designer, manufacturer and distributor of specialty vehicles and related aftermarket parts and services. The company provides customized vehicle solutions for applications, including essential needs for public services (ambulances, fire apparatus, school buses and transit buses), commercial infrastructure (terminal trucks, industrial sweepers, transportation services) and consumer leisure (recreational vehicles and RVs). REV Group trades on the NYSE under the symbol REVG.
Forest River could not be reached for comment.