December 17, 2003
ST. CLOUD, Minn. (AP) -- New Flyer Industries Ltd., the largest manufacturer of heavy-duty transit buses in North America, is being acquired by two private equity firms based in New York.
Harvest Partners Inc. said Tuesday it is partnering with Lightyear Capital LLC to acquire New Flyer from KPS Special Situations Funds, which in 2002 had bought a controlling interest in the company for $28 million in equity.
The acquisition is expected to close in the first quarter of 2004. The value of the deal was not disclosed.
New Flyer's low-floor and high-floor buses are operated by public transit authorities in New York, Los Angeles, Vancouver, Atlanta, Seattle and many other major cities in the United States and Canada.
