ORLANDO, Fla. — Allied Specialty Vehicles (ASV) will acquire the bus business of Thor Industries Inc. for $100 million in cash, company officials announced on Wednesday.
The transaction is subject to customary closing conditions and is expected to be completed by Nov. 1.
ASV is the parent company of Type A school bus manufacturer Collins Bus Corp. The company’s other brands include fire and rescue vehicles and recreational vehicles.
Thor's bus business includes Champion Bus, General Coach America, Goshen Coach, ElDorado National – California, and ElDorado National – Kansas. The combined business is one of the largest producers of transit and shuttle buses in North America, with bus segment sales of about $450 million for the latest fiscal year.
"We are excited to add the Thor bus business to our diverse lineup of specialty vehicles," said Peter Guile, president and CEO of ASV. "We view the opportunity to expand our business into the transit and shuttle bus markets as a key initiative in broadening our markets and providing products that meet the needs of our dealers and end consumers."
Thor Chairman Peter Orthwein said that "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.”
Thor will continue to own and operate the bus business until the closing date of the sale.
In May, ASV announced that it had acquired Monaco and other brands from Navistar's recreational vehicle business.