Ferrara makes custom fire apparatus and rescue vehicles. It has more than 450 employees and annual revenue of about $140 million.
The transaction closed Tuesday, and the exact payout was not disclosed. But Rev Group did disclose it has refinanced its debt facilities to add a new $350 million revolving credit facility and a $75 million five-year term loan simultaneous to the acquisition.
The acquisition of Ferrara will expand Rev’s fire and emergency product line, especially in the areas of custom chassis pumpers, aerials and industrial apparatus. It also offers new geographic growth.
Ferrara’s employees, operations and branding will be kept in place in the integration, said Dean Nolden, chief financial officer of Rev Group.
Rev Group manufactures 28 brands of specialty vehicles such as ambulances and shuttles at 15 locations, many of which are in the Midwest. The company has more than 6,000 employees. Tim Sullivan, former chief executive officer of South Milwaukee-based Bucyrus International Inc., has served as CEO of Rev Group since 2014. The company moved its headquarters to Milwaukee last year, and went public in January. Rev Group has been vying for a contract to produce 180,000 vehicles for the United States Postal Service.
“We are extremely pleased to have Ferrara Fire Apparatus join our team at REV,” said Tim Sullivan, chief executive officer of Rev Group. “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.”