Blue Bird Corporation announces $ 75 million private placement

Today, Blue Bird Corporation (NASDAQ: BLBD) (“Blue Bird” or the “Company”), a leading manufacturer of school buses and activities, announced that it has entered into and entered into a purchase agreement of securities with clients of Coliseum Capital Management. , LLC (collectively “Colosseum”). Blue Bird issued and sold a total of $ 75 million of common shares at a price of $ 16.00 per share (the “Private Placement”).

“We are delighted to have strengthened our investor base while adding capital to drive our electric vehicle strategy and growth,” said Matthew Stevenson, President and CEO of Blue Bird. “The opportunities are huge for Blue Bird in light of the recent passage of the Infrastructure Finance Bill. This bill provides $ 5 billion for clean school buses, including battery-powered electricity and propane, the two areas where Blue Bird is leading. This additional capital will allow us to accelerate our EV plans to take advantage of these opportunities. The investment also strengthens our belief in the long-term prospects of the company.

The Private Placement gives Coliseum a 15% stake in the Company. In addition to the usual registration fees, Adam Gray of Coliseum Partners has joined the board of directors of the company as a Class II director. “With a compelling backdrop of long-term industry fundamentals, we are delighted to join the Blue Bird family as an anchor investor, providing the new team with both the lead and the flexibility to strengthen and expand. the company’s leadership position in alternative energy, particularly electric school buses, ”said Adam Gray.

Mr. Gray is Co-Founder and Managing Partner of Coliseum and was previously Director of Blue Bird from February 2015 to September 2017. In addition to his experience with Blue Bird, he has extensive industry and financial market expertise, including understood his previous experiences as a member of senior management of operating companies, which will be invaluable to the board of directors as the company executes its strategic growth goals.

Blue Bird intends to use the net proceeds of the private placement for working capital and other general corporate purposes, including the redemption of the gun, acquisitions, investments in technology or business, operating expenses and capital expenditures.

This press release does not constitute or form part of an offer or solicitation to buy or subscribe for securities in the United States. The securities sold under the private placement were not registered under the Securities Act of 1933, as amended, or state securities laws at the time of issue and may not be offered or sold to United States without Securities and Exchange Commission registration. (“SEC”) or an applicable exemption from these registration requirements. The Company has agreed to file one or more registration statements with the SEC recording the resale of the Common Shares purchased under the private placement.

About Blue Bird Corporation: Blue Bird (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its inception in 1927 and approximately 180,000 buses in service today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird sets itself apart from its major competitors by its special interest in the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and bodies specifically designed for school bus applications, Blue Bird is recognized as an industry leader in innovation, safety, product quality / reliability / durability, operating and handling costs. Blue Bird has a rich history of introducing new technologies to the school bus space and is the clear leader in alternative fuel school buses, with more than 20,000 low-emission, zero-emission buses on the road. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and replacement parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio. For more information on the full range of Blue Bird buses, visit www.blue-bird.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations regarding future financial performance, business strategies or expectations for our enterprise. Specifically, forward-looking statements include statements in this press release regarding direction, seasonality, product line and gross profits and may include statements relating to:

  • Limits inherent in internal controls affecting the financial statements

  • Growth opportunities

  • Future profitability

  • Ability to expand market share

  • Customer demand for certain products

  • Economic conditions (including tariffs) that could affect fuel costs, commodity costs, industry size and the financial conditions of our dealers and suppliers

  • Labor or other constraints on the company’s ability to maintain a competitive cost structure

  • Volatility of the tax base and other sources of funding that support the purchase of buses by our end customers

  • Acceptance below or above market expectations for our products

  • Other statements preceded, followed by or which include the words “estimate”, “plan”, “project”, “foresee”, “intend”, “expect”, “anticipate”, “believe” , “Seek”, “target” “or similar expressions

These forward-looking statements are based on information available at the date of this press release and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Therefore, forward-looking statements should not be taken to represent our views at a later date, and we assume no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they arise. been made, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. The factors described above, together with the risk factors described in our reports filed with the SEC (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations. reflected in these forward-looking statements.


Source link

Comments are closed.