Above, Ferrara Intruder Heavy Rescue
REV Group (REVG), a $2+ billion manufacturer of industry-leading specialty vehicle brands and leading provider of parts and services, today announced the acquisition of Ferrara Fire Apparatus, Inc. (“Ferrara”), a leading custom fire apparatus and rescue vehicle manufacturer that engineers and manufactures vehicles for municipal and industrial customers. The Ferrara product portfolio includes multiple fire apparatus configurations tailored to the specific requirements and demands of the fire service industry – including custom-builds on their own chassis as well as solutions on commercially available chassis such as Freightliner and International. This acquisition enhances REV’s product offering in its Fire Group within its Fire & Emergency segment, particularly with custom chassis pumpers, aerials, and industrial apparatus.
“We are pleased to welcome Ferrara to the line-up of our premier portfolio of fire brands which includes E-ONE and KME,” said Dan Peters, President of REV Fire Group. “The Ferrara brand has a long history of product innovation built around a commitment to heavy duty vehicle construction.” Peters added, “The addition of Ferrara to the REV Fire Group enables a number of new growth opportunities including expansion of our reach nationwide and adding new geographical regions and key accounts. We look forward to building upon the success of the Ferrara brand with an emphasis on driving new product innovation and exceeding customers’ expectations.”
Tim Sullivan, CEO, REV Group, Inc. commented, “We are extremely pleased to have Ferrara Fire Apparatus join our team at REV. Ferrara further strengthens our brand offering of fire apparatus vehicles and market presence, adding a diverse product portfolio that is complementary to our line of great American-made specialty vehicles. Ferrara will immediately contribute strategic value by expanding the REV Fire Group national footprint, dealer sales network, service and after-market parts revenue as well as enhancing our robust line of custom chassis and aerial products for multiple market segments.”
Headquartered in Holden, LA, Ferrara employs more than 450 employees with annual revenue of approximately $140 million. The acquisition of Ferrara Fire Apparatus, Inc. closed on April 25, 2017. Contemporaneous with the acquisition, REV has refinanced its debt facilities to include a new $350 million Asset Based Lending (ABL) revolving credit facility and a $75 million 5-year Term Loan. Details are available in the 8-K filed today with the SEC.
About REV Group
REV (REVG) is a leading designer, manufacturer and distributor of specialty vehicles and related aftermarket parts and services. REV serves a diversified customer base primarily in the United States through three segments: Fire & Emergency, Commercial and Recreation. REV provides customized vehicle solutions for applications including: essential needs (ambulances, fire apparatus, school buses, mobility vans and municipal transit buses), industrial and commercial (terminal trucks, cut-away buses and street sweepers) and consumer leisure (recreational vehicles (“RVs”) and luxury buses). REV’s brand portfolio consists of 29 well-established principal vehicle brands including many of the most recognizable names within our served markets. Several of REV’s brands pioneered their specialty vehicle product categories and date back more than 50 years. Investors-REVG
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including: statements regarding the acquisition of Ferrara, its integration into REV’s business and the future performance of REV. Forwa