Milwaukee-based specialty vehicle manufacturer Rev Group Inc. plans to raise up to $100 million in its initial public offering, according to a preliminary prospectus it filed today with the SEC.
The prospectus shows the company has not yet priced the offering. It plans to list the shares of common stock on one of the stock exchanges under the symbol REVG.
Rev Group plans to use most of the proceeds of the offering to pay down debt, as well as for general and administrative expenses, capital expenditures, working capital and other general corporate purposes.
Tim Sullivan, former chief executive officer of South Milwaukee-based Bucyrus International Inc., moved Rev Group’s headquarters from Orlando, Florida to Milwaukee earlier this year.
REV Group, formerly known as Allied Specialty Vehicles, manufactures specialty vehicles such as ambulances and shuttles at 15 locations, many of which are in the Midwest. The company has more than 5,000 employees. Sullivan has served as CEO since 2014.
The company is bidding, along with Turkish partner Karsan, on a U.S. Postal Service contract that could create up to 2,500 jobs in Milwaukee to produce 180,000 postal vehicles.
