REV Group, a manufacturer of specialty vehicle brands, announced plans earlier this year to exit the bus manufacturing business. It reports the finalized sale of ElDorado National (California) Inc. (ENC) to Rivaz for a purchase price of approximately $52 million.
REV Group intends to use the net proceeds from the sale to pay down outstanding borrowings under the company’s ABL credit facility.
“ENC has a long history with five decades in the mass transit industry, so we are delighted the brand is set to continue under Rivaz. I want to thank our customers as well as ENC employees and dealers for their support during this period of transition,” said Mark Skonieczny, president and CEO of REV Group.
REV Group companies are designers and manufacturers of specialty vehicles and related aftermarket parts and services, which serve a diversified customer base, primarily in the United States, through two segments: Specialty Vehicles and Recreational Vehicles. The Specialty Vehicles Segment provides customized vehicle solutions for applications, including essential needs for public services (ambulances and fire apparatus) and commercial infrastructure (terminal trucks and industrial sweepers). REV Group’s Recreational Vehicles Segment manufactures a variety of RVs from Class B vans to Class A motorhomes.
