Wabash National to sell non-core assets
Aug 1, 2003 12:00 PM
Wabash National Corp and Jefferies Capital Partners, a private equity firm associated with Jefferies Group Inc, have announced a definitive agreement for the sale of substantially all of the assets of Wabash's trailer leasing/rental and wholesale aftermarket parts distribution businesses to Aurora Trailer Holdings LLC.
The transaction is expected to close during third-quarter 2003 and is subject to lender approval, buyer financing, and Federal Trade Commission approval under the Hart-Scott-Rodino Act.
Lafayette IN-based Wabash expects total consideration from the sale of these assets and the retained assets to be about $65 million to $70 million, of which $55 million will be paid in cash upon closing. In connection with the transaction, Wabash and Aurora have entered into long-term arrangements for Aurora's supplying parts to Wabash factory-owned branches and Wabash's supplying Aurora new and used trailers and maintenance services.
Aurora is a company formed by Jefferies Capital Partners and former and current members of the business' management teams. Derek Nagle, who most recently served as president of several Wabash businesses — including the two businesses being acquired — will serve as president and chief executive officer of Aurora.
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