Hennessy Closes Business Combination with Blue Bird
Hennessy Capital Acquisition announced the completion of its previously announced acquisition of School Bus Holdings which, through its subsidiaries, conducts its business under the “Blue Bird” name, from The Traxis Group B.V., which is majority owned by funds affiliated with Cerberus Capital Management. Cerberus affiliates will continue to own approximately 58% of the outstanding common shares.
The business combination was approved at Hennessy’s special meeting of stockholders that concluded on February 23, 2015. Blue Bird is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927. As part of the transaction, Hennessy changed its name to Blue Bird Corporation and will trade under ticker symbol BLBD commencing February 25, 2015.
“We are thrilled to have completed our business combination with Blue Bird,” said Daniel J. Hennessy, the former chairman and chief executive Officer of Hennessy, who will assume the role of vice chairman of the combined company. “Blue Bird is an iconic brand that has demonstrated significant growth momentum. We are excited by the prospects for continued growth as management executes on their strategy.”