A subsidiary of New Flyer Industries Inc. in Canada has acquired a Middlebury-based bus manufacturer. Transit Holdings Inc. says the $95 million deal for ARBOC Specialty Vehicles LLC reflects the growth and diversification strategy of its parent company.
ARBOC specializes in the production of low-floor body-on-chassis buses used in transit, paratransit, and shuttle applications. The company is expected to finish 2017 with a delivery of 360 buses, generating nearly $40 million in bus and parts sales.
"The acquisition of ARBOC provides us with complementary product lines and a unique opportunity to continue with growth and diversification, as NFI Group now has a full suite of transit buses and motor coaches to offer to North American public transit agencies and private operators," said Paul Soubry, chief executive officer of NFI Group. "ARBOC is a proven low-floor cutaway builder and provides us with an entry point into both the cutaway and medium-duty transit bus markets, with high quality, proven and competitively priced products."
ARBOC employs about 100 people at its 112,000-square-foot facility in Middlebury. NFI says ARBOC’s management team will remain in place following the acquisition with CEO Don Roberts reporting to Wayne Joseph, president of New Flyer’s Transit Bus business.
"ARBOC will benefit from NFI Group’s strong balance sheet, broader bus market credibility, expertise in bus design and manufacturing and strategic sourcing to support its growth," said Joseph. "We anticipate exciting collaboration to scale this business and anticipate synergies such as research and development and part fabrication, which have not yet been fully quantified."