REV Group Inc., a manufacturer of industry-leading specialty vehicle brands, has completed the acquisition of Spartan Emergency Response (Spartan ER), a leading designer, manufacturer and distributor of custom emergency response vehicles, cabs and chassis for the emergency response market, and its brands, from Spartan Motors Inc., effective Feb. 1. Spartan ER was acquired for approximately $55 million in cash, subject to a net working capital adjustment and certain liabilities of the business to be retained by Spartan Motors Inc. post-closing.
Spartan Emergency Response and its brands, Spartan Fire Apparatus and Chassis, Smeal Fire Apparatus, Ladder Tower (LCT) and UST, will immediately become part of REV’s Fire & Emergency (F&E) segment. The newly combined business will further solidify F&E as a top-two North American fire apparatus manufacturer offering significant production scale, diverse product offerings, wide-ranging channel relationships and broad geographic sales coverage.
“We are excited to acquire a top North American fire apparatus manufacturer of scale with a well-recognized, innovative and broad product offering, longstanding relationships with dealers and municipal customers, and a growing installed base of over 6,000 vehicles,” said Tim Sullivan, president and CEO of REV Group. “It’s our long-term strategy to continue to grow this segment, as well as continue to establish REV Group as a leader in the innovation of fire apparatus and other emergency response vehicles.”
As of Sept. 30, 2019, Spartan ER generated last 12 months (LTM) net revenues of $253.3 million and acquired Spartan ER backlog represents approximately 74 percent of anticipated calendar 2020 sales.